I'm not sure we can solely blame VC incentives here. There are many edtech companies that are doing well with VC funding / incentives (Coursera, Duolingo, Goalsetter to name a few). As far as I know, the majority of these companies have not resorted to predatory practices or actively misleading potential students.

I agree that VCs have an incentive to inject high-octane fuel into the growth engine of a company, but the decision to use that fuel for an ICBM or a Spaceship is ultimately that of the founders.