I don't know if the difference is quite so large as you suggest.
With Theranos, I have no doubt that the original intention was to produce the testing device as claimed. The problems came when it became obvious that it wasn't as easy as was originally envisaged, at which point the rot set in and, well, we now know how that went.
In the case of Magic Leap, I see no reason to doubt that they do want to produce the system that was initially envisaged. Again, it is a HARD problem. Publicly they are massively over-promising and under delivering. Whether that could be called fraud really depends on whether or not they are actually lying to investors as they obviously were at Theranos. That may well not be the case, but you have to wonder.
Biting the hand that feeds IT
