The underlying point of the Ice's thread was the way Ribbon's UI is inherently and purposefully misleading, and this speaks broadly to their credibility. Their "sticker" APY Ribbon advertises is essentially a projection of a projection - if the options we sold expire out of the money this week, and if the premium/TVL ratio remains stable for a year, here's the APY.
If you're going to criticize Ice for showing the return denominated in USD in his initial tweet, you should also be criticizing Ribbon for not specifying in their UI that the sticker APY they show is denominated in the deposited asset (this also, of course, is intentional). You have to dig to find their historical performance; we lead with historical performance. The idea that yield on selling weekly calls as tight to the money as they do is "sustainable," which is bolded on their landing page, is also sketchy.
Jones max risk is tight, compared to Ribbon's theoretical 100%, and the composable yield through jAssets is a substantial boost to yield. Ribbon's "structured products" are so basic and risky because they don't actually have a quant team built to design anything more complex.
See here, ad for "head of trading" whose responsibilities will include building that team. Also worth noting that anyone involved in finance will recognize that the salary is peanuts for someone who is going to be responsible for handling 300mm AUM, building a trading team, and then managing that team: https://angel.co/company/ribbon-finance/jobs/2019377-head-of-trading
For non-finance natives, the salary is roughly between what a 25 year old 2-3 years into an investment banking career earns for PowerPointing and doing basic financial modeling.
If the intent is to make directional bets on the market with a specific time horizon and thesis, Ribbon's vaults are a viable avenue for that. If the intent is to drop some ETH and wBTC in and let it ride indefinitely, that may not yield the desired results.