Not sure it's exclusively a U30 thing. When it comes to grift and fraud, a well known 79 year old comes to mind.

I'd focus less on the U30 part, and more on the 30U, if that makes sense — the problem is with people who seek that sort of attention (and that 79 year old certainly qualifies as wanting that sort of attention). For those people, their businesses are a means to an end in the most cynical way possible.