I'm of course not saying that it replaces the QA department, but even if they hire only 1 person less because of these programs it's already financially worth it for them.
It's still a cheap way to get bug reports, but I don't think it's about replacing QA. It's about creating a climate where bugs missed by QA have an increased likelyhood to end up on your desk since no QA could ever find all bugs.
(I mean, I used to work on a product that was used exclusively by engineers, and some of the bug reports I got were nearly impossible to decipher. Open that to the general public, on a product used by bored teenagers who like to prank each other, and offer money on top of it, and it seems like hell on earth.)