Generally there seem to be three schools of hiring: (1) people who have been classically trained, (2) people who seem generally smart and willing to grind, (3) people who have done the work before.
#1 you mostly only get from a 4-year degree program, and colleges generally filter for #2. The other way I see people in category #2 hired is when they transition into a dev job through ad hoc circumstances (e.g. data analyst who needed to do more and more coding on the job). #3 is just having been a programmer before.
If you go to a dev bootcamp, you won't have #1 or #3. You're depending purely on #2, and that's the one category where it's mostly about you, not the dev bootcamp. The dev bootcamp is just there to give you structure and to signal something to employers.
This seems to be the common denominator in boot camp graduate success stories: they've completed a college degree already, so they have at least some foundation, they just need somebody to walk them through the details of software development. I'm curious what your degree was in - did you have a math(ish) background already?
I also was a nerd growing up, wrote QBasic code in 2nd grade, got an unrelated bachelors degree (Philosophy).... but I just used side projects as my resume to get my first job 15 years ago.
Did you need the bootcamp, or could you have entered the industry without it?
Half getting it, and a thing working, from some internet tutorial / classes just doesn't compare for me.
Those "Hey does that mean that X, Y, and Z would me an A, B, C? Does it work that way?" moments are key for me to grok something.
This part of your reply stood out to me:
"I think a lot of people don't become competent after these bootcamps because they just aren't technical enough to grasp the concepts at the pace they're introduced in class."
because I think it's 100% accurate. I had a lot of education to carry out alongside my job, where I was learning a ton of programming concepts in the real world and let me tell you, it's not easy stuff. But, luckily for me, with the right supervisor or mentor or peers, you can climb the mountain a little easier.
I have a friend from college that was a biochemist for a while, took a bootcamp course, and is now a dev at Microsoft.
I attribute my success to having a computer science background from being a gigantic nerd my entire life (first code written was QBasic in 3rd grade and you KNOW I was at every lan party in high school) and luck (Had someone willing to hire me to maintain small fry websites for a year which helped my resume quite a bit although at a poopy salary).
Both my brother and I went this route after getting unrelated bachelors degrees from a large university. I think a lot of people don't become competent after these bootcamps because they just aren't technical enough to grasp the concepts at the pace they're introduced in class.
The people in my cohort have been fairly successful. Without checking I think about 50% of them have jobs as web developers now.