There's some validity to the criticism, but that's more the intersection of short-cycle methods and American "hustle" culture than anything to do with an MVP approach itself. People with more integrity can take an MVP-centered approach and just be honest with customers about where they are.

Indeed, I think that honesty works better; underpromising and overdelivering is a great way to build trust among your initial customer base. Trust that you need to carry people through the inevitable bumps and anticipations of an early-adopter experience.