I'm not sure Eazel were competent, but they did have a plan, and not even a completely insane
one- .mac-like services, which Apple seems to find economically viable these days, and which
others (Ubuntu, Fedora) have been rumored to be looking into. Nautilus was to be part of the
front end for those services, and hence had to be written (especially given how terrible the
old file manager was.)
Now, they were completely crazy to have thought they could do get to profitability, given
their burn rate, but... I don't think the core idea was a scam.