Watch the full video at least at 2x speed before assuming anything. The technology is specified for both and one of the cheaper brand units were already disassembled and analyzed by a third party. They are garbage and they are not capable of doing what they are advertised to actually do. It's full BS and if they instead sold nothing but a visible color light meter box with the same AI engine, the results and capabilities would actually improve.
OK, I had time to watch the full video now. Clearly the two low-cost providers are massively overselling their gadgets. But -- as acknowledged by Thunderfoot towards the end of his video, and discussed in the overview paper I linked to above -- NIR spectroscopy for food analysis is an established technology to analyze e.g. grain and flour, meat, fish, milk, and fruit. Not for a full analyis of material composition, of course, but for specific key analytes in each of the applications.
Keeping that key limitation in mind, and lowering the accuracy/resolution requirements a bit, I don't see why a consumer-level device should not be feasible. Maybe SCiO's version is a bit too cheaply built, and certainly they are overselling it; but the next entry to the market might get it right.
In fact, I have been involved with a company which produces professional-grade NIR food analyzers. They evaluated the SCiO, wondering whether there might be a real threat emerging for their business -- and found that it did indeed work for one of their major food testing appliciations. Not as good as their own, high grade equipment; but certainly not "garbage".