That’s a rather harsh assessment. They do say they baptize out of obedience to Jesus’ command and to follow His example. As has been noted already, they do use the correct formula and have correct Trinitarian belief (side ponderance: do we accept the baptisms of Modalists?).
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The Evangelical, instead, places emphasis on the former part of the instruction (“he that believes”). As stated, above, they do generally believe that baptism is required for obedience and example. I think if you cornered them on it, the vast majority would agree that if a person refuses obedience or to follow Christ’s example, then the validity of his belief might rightly be questioned.