However, Kickstarter has also done a lot of work to educate the public about the risk of this type of funding (certainly to their own legal benefit or otherwise), and thus the public can better understand that they are dontating money toward a dream, versus buying the next generation video game console a few weeks before it comes out.
Coin is taking your money to bring a product to market, while acting like that product already exists. Answers in the FAQ like "we don't take your shipping address because you might move" are a willfully ignorant slap in the face, because they are far more likely the ones at risk of going out of business than me moving houses.
If they said very clearly that you were funding a new product with all the inherent risks, like Lockitron did, this would be a different story. But not educating the consumer about what's actually going on is exactly what the FTC is trying to protect against.
I'm not sure there's anything illegal about it if you give them their money back -- I'm pretty sure I've tried to buy something from a seller on Amazon, been charged, it turned out they were unable to fulfill, they refunded. It happens.
Now, if you run out of money and go out of business without giving everyone their money back -- that's still not exactly 'illegal', it's not in and of itself fraud. Companies go out of business with creditors all the time, almost any time anyone does go out of business they owe someone something (I mean, in a sense, that's what makes you go out of business!)
And consumers are different than creditors. There are different laws that protect each.
Besides that, why are digital goods pre-orders seemingly allowed?