Fortnite pulled in 1 year more than 10 times more than Star Citizen has in its lifetime, all the while Fortnite Battle Royale was still in beta, an unreleased product.
All developers of live service games reserve the right to (and will) wipe all of the players progress as soon as the service isn't profitable.
I can't speak about them lying or anything like that since I don't follow too closely. And honestly I'm not saying that this type of monetisation is right either, just that I don't think it's that different to how many big publishers are funding their live service games. You don't own a part of Destiny 2 yet Bungie are asking for £79.99 for their newest expansion and seasonal content. That's not $40,000 sure, but they're ultimately still taking a lot and giving very little back when you put things in perspective.
At least with Cloud Imperium they're saying 'we're using your money from ship purchases to fund the game'. You look at that 400 mil, and give or take it probably is being used on the games development. Give or take a few million, most of it is probably going back into the game. However effectively managed or not that is is neither here nor there. With other games, only a tiny tiny fraction of your cash is going back into the games development, and the larger chunk of it is being extracted as profit. So that rich people who do not care about the game can buy a 300 ache house, Yacht or an Island.
I'm not saying they're making the right decisions or even that they're always telling the truth, but it still seems more pro consumer than more traditional models of game development.