I heard that vague snippet from the podcast in the video. From my time in the affiliate space (which was a few years ago), Honey would not let merchants delete a code unless it was an employee or internal code. If it was publicly available, they refused to delete a code without providing an equivalent exclusive code. Maybe that policy has changed? If so, that's definitely bad, but I have no way to confirm that and I don't see any proof.
But they are allowed to claim attribution even if they don't find a coupon. Merchants know this when partnering with Honey. Most of the time, even if users don't find a coupon, they still get cash back which is funded through the commission.
Like I said, the affiliate industry is pretty wack and that's why I left it, but this is far from a scam.