Usually doing innovative independent work requires a whole lot of domain knowledge that can only be learned once you're in the business. (If not, I'd question the defensibility of the business...) Both a bootcamp grad and a recent CS college grad are completely unsuited for that. That's why they're junior developers; they need mentoring to understand the context of their work, the factors that need to enter into decisions, and the body of proprietary knowledge that the industry is built upon.

Doing a CRUD web application is a good way to get a candidate into the door so that you can observe, first-hand, their response to learning that body of knowledge. Your business's competitive advantage may be based upon proprietary algorithms and deep domain knowledge, but sometimes you just need a webserver done. And the person who goes and builds that webserver will learn a lot about the domain knowledge needed to interface with it, and you'll learn a lot about how they approach challenges and seek out the information that they need but don't have.

All of this is independent of whether they learned to build that webserver in college or a bootcamp.