In reality, I've seen it implemented as a "take what you need" policy. Unlimited in that sense means there is no upper bound. Managers are trained to push people who are trending under 5 weeks per year to take more time off. Some people take a lot more than that. Work still get done and people seem happy to do the work. Sample size = 1 employer. Inauthentic?
This is a business transaction. "Unlimited PTO" literally means free paychecks.