I have no real opinion on the allegations, and if true they are serious but...
...I find it a bit hilarious that Magic Leap, a company that has been widely criticised for over promising, under delivering, having extremely basic tech which is itself quite close to the tech of competitors, and which is well known for spending an eye watering amount of money and time in order to obtain very little results would offer this as a supporting argument.
Just because Magic Leap spent two billion and 7 years doesn't mean a competent engineering team couldn't do it a lot faster with a lot less money. :) (Especially with entirely legitimate access to Magic Leaps hardware, and with the benefit of years more published research across the industry.) I hope Magic Leap has some better arguments than they managed to get published in Bloomberg, because what's in the article is just hand wavy nonsense.