Really? That's the bigger issue?
Company wants to pay money to someone in exchange for services. They have unreasonable expectations. So that makes it OK for people to deceive them in order to have them believe that their unreasonable expectations have been met?
I don't think that unreasonable expectations should be rewarded. But an unreasonable expectation is just "being stupid and harming yourself."
Deceiving others in order to take their money under false pretences (which is fraud) is immoral and harms others.
The two are not remotely comparable.
> This promotes lying
No it doesn't. If someone feels "encouraged" to lie and defraud others because they want something from them (even if the "someone else" is objectively stupid), that is no one's fault but their own. And their wishes and desires are just as unreasonable as the company's. [The wish/desire on the part of the applicant is wishing that the company had reasonable expectations]