Caveat that I do not think it is an investment vehicle but promissory estoppel comes from the same idea as fraud in investment law. Like I said before if this was an investment and wizards made a false statement of fact ("we will never do X") that led you as an investor to price the investment differently, when that fact is shown to be false you as an investor are allowed to sue. Promissory estoppel comes from much the same mind frame. The reason I'm bringing this up is not because I think promissory estoppel is a strong argument, but just to show that the common refrain of "investments go up and down" doesn't really hold much water.
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