The problem is, if it's not codified in law, there is no consistency. One person's gloriously well managed Unlimited PTO policy (congrats!) is another person's peer pressured non-usage.
"Unlimited PTO" is a marketing farce, no more, no less. If you want people to take 25 days a year off, give them 25 days of PTO and be on the hook for the liability if they leave. If you want to give them more time than that through an approval process, offer it! But don't say it's unlimited, because it isn't. And if you don't want one of your business perks to be pointed out as fraudulent, don't advertise it as such.
"Unlimited PTO" is a marketing farce, no more, no less. If you want people to take 25 days a year off, give them 25 days of PTO and be on the hook for the liability if they leave. If you want to give them more time than that through an approval process, offer it! But don't say it's unlimited, because it isn't. And if you don't want one of your business perks to be pointed out as fraudulent, don't advertise it as such.