I think BBC produces a lot of the best shows on American (USA) TV.
You are probably right about it being largely scripted. No way would they say most of those things about themselves or about their professional colleagues on TV if they were real. Presumably true of most reality TV.
Maybe it's a bit of a gray area - you aren't supposed to show fake TV game shows. This is sort of a game show - the central idea is that the head of the company wants to improve Ballet West's reputation, so that people who were good enough last year may not be this year, and people keep being kicked out of the company. At least the audience doesn't vote for who stays and who goes. (Then again, So You Think You Can Dance is popular and fun to watch, so maybe that isn't all bad.)
Maybe it's a clever way to augment Ballet West's funding.
It's hard for me to know whether they portray more injuries (e.g., to feet) on the show than is typical of professional ballet dancers. But Ballet West is a real company, according to Britannica, and as far as I can tell the names of the dancers are right. I don't know whether the actors are the real dancers.