Unfortunately it is reality that people are delusional enough to still work on this.
If they are smart, they will be using this money to develop some product or technology that can be marketed - such as making new ultrasonic transducers that are not currently available, an ultrasonic tracking technology, a power transfer ability for hostile environments. Perhaps transferring power to instrumentation on a very noisy HV line right next to a 500KV DC converter. With the amount of money they have, they should be able to get some product out of it. Being smart and being ethical though are two different issues.
With all the money they have, it does mean they can setup a lab with (hopefully) smart people and have a budget to pay for real development work. The truth is we do not know what they actually are working on at all and so I cannot say whether this is delusional or cynical.
A company like Acorn Computers in the UK was never going to be competitive long term in the PC market, but along the way, they did develop the ARM cpu core that is now dominant. Acorn did have real working products of course.
If uBeam are dumb, they will be doing a desperate uBeam or bust strategy. If they are smart, uBeam will probably die, but another company will appear with no debts, and with a marketable technology that is nothing to do with the uBeam concept.