Completely dependent on the engine as well as the oil being used.
I have changed the oil on my 1NZ-FE engine on about a 10,000 mile average using whatever synthetic oil is on sale. I posted pictures here a while back showing it was very clean inside after over 275,000 miles, now that I'm nearing 300,000 it's still doing fine with no abnormal consumption or other issues. So as far as it being BS I'd say it is not.
But on the other hand I only run a 7500 mile OCI on my old 1MZ-FE (nearly 450,000 miles) and I still use an oil with Porsche A40 or Mercedes-Benz 229.5 approval due to the proven oxidation resistance of that approval. A very different engine with very different demands on the oil.