I’d agree otherwise, but the article mentions that Magic Leap is bidding for a $500M military contract.

Putting these toy lenses on soldiers can get people killed — both the fighters themselves as well as civilians are at risk from these digital goggles that block 86% of incoming light unless the AR graphics can do something really, really useful in the battlefield.

Seems like you're moving the goalposts though: the original question was whether Magic Leap is "unethical," not how much damage they could do by being unethical. Releasing much-hyped, highly-produced, and very compelling marketing content while knowing your company can't possibly deliver on it certainly meets my bar for unethical.

It's certainly not as bad as Theranos, sure - but bilking consumers (or investors) can still be unethical too. If your bar for a company acting unethical requires literally killing people, you'll be overlooking a lot of bad behavior...