That is true unfortunately, it works for them and people usually only realize the shallowness of the content after already given them views.
Mike Zeroh for example is a well known scumbag that is known for clickbaiting, worse is that his content is all made up etc, but unfortunately he is still gets views. When you break it down. He is getting money by tricking people. It would be fraud but since the only thing you lose is your time rather than money, its legal.
Clickbaiting on its own is bad, its doubley so when it has little or nothing to do with the content.
I don't think SM would do that but I can understand there can be a pressure to what others do just to get by.