They're not Everything is Terrible wannabes by any stretch, the Found Footage Festival has been around and touring nationally with their live show for 5 years. And found VHS footage as comedy has been around since the 80s in video mixtape form and TV Carnage, etc. Trust me, nobody's ripping anybody off. It's all fair game.
EiT and Found Footage are both heroes. It also reminds me of the best episodes of "Night Flight" in the 80s, where they'd just splice together clips from old 50s teen hygiene filmstrips for people to watch and smoke pot to.