LENR is nothing compared to the potential of perpetual motion.
Broadly, I think that LENR is on a path of development similar to those of steam engines, electric motors, and manned rockets. Although the underlying physical phenomena were long recognized, it took decades of effort by many minds and hands before useful devices were invented and the essential scientific principles elucidated.
In those examples, a critical phase occurred at which there had been enough progress for cautious businessmen and governments to invest substantial sums for the sake of creating and benefiting from fashioning technological advances into practical devices. From the substantial investment by Cherokee Partners investment, I surmise that a model of Rossi's ECAT has been proved to be viable as an early production prototype. One or more competing devices may soon attract similar backing.
Or, as you suggest, Rossi and others are running a new version of the perpetual motion scam. On balance, I think that is unlikely.