I think its a good program if you have a someone lined up already to purchase the horse. Otherwise, I don't think its a program that you should use to make money. I also think that's pretty reasonable for them to want a vet report if the horse gets hurt or dies. People do shady things with mustangs and they have to do their work that first year. The bad PR
they get now would only be worse if they were found to be selling on the table to kill pens. I know there is a lot of debate and they are often accused of all manner of horrible things. At the end, its a program that is sometimes bound by the fact that its associated with the feds.
That said, I would not get a BLM horse expecting to make money on it. If you want one (I do) than do it because you want the experience, or the "breed". Making money in horses is a loosing game to start with.