It is shortcutting.
Your opinion is horrible
They wouldn't have trouble learning anything if they can graduate from a code bootcamp. At least not any more trouble than anything else that's valuable to learn. You overestimate the intelligence level required
A bootcamp graduate would need to teach themselves discrete mathematics to understand why many algorithms work as well as for analyzing them. Discrete mathematics and algorithms are boring subjects... No way is somebody teaching themselves that unless they are an autodidact like the good will hunting kid. Universities work because assignments, exams, and student loans forces you to keep going.
If a self-taught programmer runs into an algorithm or data structure she didn't read or hear about, the college-educated software dev will run circles around them. People with formal CS education tend to significantly outperform those without it. And this is because they're just exposed to tougher problems than the regular CRUD stuff a self-taught programmer would probably limit themselves to.
You meet for class for 3 hours a week. Most learning is going to be on your own anyway. At my school most of the CompSci professors have sucked so far and I've learned more from youtubers and Harvard/MIT/Stanford videos. The Classroom is basically just a place to test my knowledge at this point
That would make you the exception.. friendo.