I don't think most people come out of bootcamps claiming they're "on par" with CS grads, but rather that they're good enough to be given a chance for some subset of programming jobs.
Also the time based argument strikes me as misleading - bootcamps are much more intensive than university curriculums. University students aren't studying 10-12 hours a day, 6 or 7 days a week every week; most Bootcamp students are. That said, I recognize that the University student undoubtedly takes in a greater volume of material, but the ratio is severely distorted by referring to it as 4 years.