A different way of looking at it is that Bambu is saying if you want to use their cloud you have to send everything through their cloud. Stupid? Sure. It's very much a technically solvable problem. But I don't think there was any rug pull (this time; in Jan 2025 they tried...)
I think this is all more out of incompetence than malice. Something bad happens, exposing wildly inadequate programming expertise, they panic and over correct, and the community pushes back. They're great at making 3D printers, terrible at cloud infra.
Technically true, because bait-and-switch refers merely to advertising an attractive product offer in order to lure people into a pitch for a different product.
In this case, they actually sold a product, then decided to maliciously alter the product after it was sold to modify its behavior. That makes this a much more serious offense, equivalent to trespass, vandalism, or possibly even burglary.
It's equivalent to selling someone a house that includes a secret entrance that you retain access to, so you can surreptitiously enter the house to steal the new homeowners' property after they've moved in.