It’s a completely different group of people now. Nearly no one from the original management remained in Magic Leap, so I don’t think it’s fair to judge them by the actions of their predecessors.
They kept the name, no? I don't begrudge new people wanting to make a new product out of the husk of a defunct company, like Ophiocordyceps. I'm skeptical of people who think the branding and marketing of V1 was A-ok though.
Some of the worst engineers I've known wound up there (and are still there). Not necessarily bad people, just borderline frauds. I don't trust their organization to do much credible work as a result.
Many left, others were laid off. Some remain. But they had some world class engineering talent (like in their optics - real domain experts they brought from other places and industries). The goals were unrealistic, the product was out of touch with the market (lots of money raised is going to do that 9/10 times), the top management were professional corporate creatures (not in a good sense). But some of the engineers were very good - just sent on the wrong mission.