That's ignoring the fact that many kickstarters continue funding after the fact, which are often referred to pre-orders, which indeed often promise things, like a Steam key in this case.
It's definitely scummy, but I just mean people need to temper their expectations when it come to KS, it's not a pre-order, you might not be able to refund it, there's no guarantee the game will come out at all, the concept/direction may change during development, promised features may be missing because they miscalculated the budget, etc.
It's tossing cash down a wishing well. KS and the Dev/Pub shouldn't be lumped in together, and KS isn't EB Games either.
As much as I think that "hey, KS should regulate this stuff," KS exists to help people that probably *can't* get venture capital, so projects will inherently be more volatile, but that's what makes the potential for truly independent projects to thrive. If KS got more strict, then those people would be locked out of KS and would end up on some newer, less-restrictive platform anyway.
The point is, KS is a real Wild West and you need to do your research and roll the dice, and hope that whatever project you back doesn't go sideways. It's more about "hey, I like this Yu Suzuki guy, I want to give him money to realise his dream," than, "hey, I like this Shenmue game, I want to give it money to realise my dream."