Considering the trouble they've had releasing the PC-only demo on time, I can't really buy this excuse. It's more likely they're simply in over their heads in a major way.
The demo was delayed about a week as they switched from delivering via Steam to delivering via Humble Bundle. I'm not sure why they did that (if I had to guess, it might be due to the way some people were apparently getting access that they weren't meant to over Steam), but a week's delay as they switch the delivery route doesn't strike me as proof they're "in over their heads in a major way".
I'll certainly agree that the company promised more than they could hope to provide smoothly and without stumbles, particularly given that they gave a concrete release date (as opposed to WayForward's more sensible "Shantae will happen when it happens, don't rush us" promise). Where I disagree is the implication that there
has to be more to the delay than what they've told us. They found a major bug in the online mode, requiring a fix and certification from multiple platforms at a time of year where there's bound to be a waiting list, and while they want to provide a new release date as soon as possible they also want to push it as far back as they dare in case someone uncovers another nasty surprise. Four and a half months is on the upper limit of what's reasonable for all that, but still within the realm of plausibility, particularly given that this project is spread out between three different companies.
Going by the demo, the game seems to be fairly decent for a crowdfunded title, if graphically unimpressive for 2015, and it's planned to be on damn near every platform except the ouya. Unless the rest of the game is a big drop in quality, it looks more or less like they delivered what they promised, albeit with obnoxious delays and some serious PR gaffes. People seem to want to declare that this is already a massive failure and declare Comcept incompetent, when it looks more like a simple reminder that crowdfunded games from small companies run into hiccups and delays.