Business and life coach here. First of all, the VAST MAJORITY of so called business coaches you find on the socials are bullshitting. I know of one personally, local to me, that was pushing her earn 6 figure packages while working part time in a low paid role and massively in debt. Her debts were partly down to the cost of pushing her so called earn 6 figure packages.
There are lots of so called business coaches that have switched to business coaching from MLM pyramid schemes such as Forever Living - mostly having failed to make any money from that.
Hosting retreats is seen as a "next level" gauge of success for the business coaches in the pyramid scheme - because when it comes down to it, that's what a lot of these things are. The majority of these coaches have no interest in YOUR business, they are interested in selling you their packages, and once you are paying them, you will realise that you need to start selling your wares their way. The majority of clients of business coaches are in fact aspiring business coaches, whether they know it or not when they sign up.
The lack of regulation meaning that anyone can call themselves a coach means that so many people really mistrust the coaching industry as a whole, which is a real shame, as some of us are actually very good. It took me two years and lots of assessments to actually qualify as a coach, and I am really proud of my qualifications. It's something I do part time because I love it, but I love my regular salaried job as well.