No wager bonus catch?

Seeing these “no wager” bonuses popping up everywhere now and trying to figure out if there’s some angle I’m missing. I usually stick to sites that don’t mess around with fine print, but every time I see a “no wager” deal, I start reading all the promo rules line by line anyway. Most of the time, it still feels like there’s something buried in there - like maybe you can’t actually withdraw max winnings, or the eligible games list is tiny. Sometimes they force you into certain odds or markets if it’s sportsbook.

Been burned by weird crypto site T&Cs before, so I’m not eager to fall for it again. For anyone who’s actually cashed out from one of these, did it really end up being as simple as it sounds? Not sure if my usual risk management paranoia is just making me see ghosts here.