Yes, I think that's exactly what it is.
It's made to sound quite ok, with the promise of being able to earn lots of money (some do, but the majority don't). This only then serves to make the women feel they are less 'sexy' compared with the higher earners, and have to compete by showing more, or charging less to gain more customers.
The net result is that flashing boobs won't be enough, and in order to realise anything like decent earnings, they'll need to become a lot more sexual than they initially bargained for.
In my book, that's exploitation.
There is little doubt in my mind, that some of those women involved in the seedier studios will be offered other jobs... effectively groomed into prostitution.
The more 'legitimate' studios simply make too much money and don't need to get involved with prostitution, but being a legitimate business and highly professional does not make it any less exploitative.
It's absolutely all marketed as empowering... that the women are earning their own money, safely, anonymously (providing they are never recognised).
If a smart talker says 'you'd go topless on a beach, so why not do it on a website and earn great money in the process?' - some women will buy into that. Except they won't earn great money, and their cam session will be all over the internet in hours and exploited by countless camsite owners who syndicate those videos without any permission from the woman involved (let alone the men that will record it and upload it elsewhere).
A girl at 20 looking to boost her college funds, now has 10 minute webcam session on the internet for decades. They don't explain any of that in the small print.
For me, this feeds right back into the normalisation of numerous forms of sex. 'Normal' / 'Amateur' women videos all over the internet only tends to reinforce that this is what almost every woman is doing or wants to do. It was possibly easier to differentiate fact from fiction when pornstars were obviously fake, but now, porn is resembling your next door neighbour's lounge, or the woman down the street. They really do make it look like absolutely everybody is into something kinky.