Depends on the model. The E-series 3-ers were very reliable; for the F-series and newer it is exactly as you wrote.
The leasing thing is for slightly different reason: it is being used by such a market segment, that always wants something new. They would not drive older car, even if it was reliable, it would be not cool enough. Unfortunately, since cca 2010 BMW also found it out, and since then their cars stopped being good -- they don't have to last -- and are just expensive.
