They are domesticated animals like horses, so I can't imagine riding them is inherently cruel.
But I'm not surprised that, just like with horses, some tour companies aren't treating them well. Bleeding from the nose ring is the same as a horse bleeding from the mouth because of a harsh bit. Both animals can also be overloaded, worked when they are sore or even injured, develop sores from ill-fitting tack, etc.
Any time you book a tour or activity involving any animals, do your research. Look for pictures. If you don't know what a healthy horse or camel or donkey looks like, ask somebody who does.
Again, it's not inherently cruel to ride camels, they're bred for it. But unfortunately some of the operators see the animals as money.
I'm VERY careful when I book horseback riding. And advise others and give recommendations.
Working animals should be treated with respect.