The conflict of interest is a red herring to me. If you run a trial you will often have a pharmaceutical company as sponsor, that’s how all trials work, to me that’s irrelevant if the methodology is solid.
The problem here is the methodology. A lack of outcome measures being prespecified and no assessment of blinding. I don't think the multiple corrections problem is an issue if the trial is only exploratory and outcome measures are prespecified and there are no claims of efficacy. It becomes different here because statements about efficacy are being made, in the paper and especially online by the lead author. There are questions surrounding whether this trial is actually blinded at all or whether it can be told whether you have the sham or not. There are no previous studies that have established that the sham actually works as sham by assessing blinding. But I find it very plausible as well that the producers are quite aware that the device anyways does nothing physically meaningful in the first place so never put much care into rigor to begin with.
Isn't most of BPS research done like that?
Often yes, because they run unblinded studies and don't care for controlling that variable at all, which I think would actually be not as hard as often pretended. So one group of people is told they are given a cure which the therapist is even completely convinced of and the other group is given little in return after having to live with the disappointment of not getting the treatment they originally signed up for and which the therapist is convinced of. In placebo-controlled trials this shouldn’t be a problem if there is genuine blinding and in well-run trials, for example in the past Fluge and Mella have assessed blinding and people couldn't tell active substance from placebo, we have seen often people reporting some improvements in both groups, the placebo and the active substance group equally, precisely because of things like Hawthorne effect.
I don't see questioning someone's intentions as particularly useful here when other issues are already so glaringly obvious. We've all seen that the field seems to be plagued by incompetence, I would not be surprised if it is no different here, incompetent people tend to be willing to turn a blind eye whenever it suits them. Just how BPS researchers can astutely recognize the flaws in certain biomedical research but fail to address their own glaringly obvious own ones.