I think, queerbaiting is about specifically implying that a character is queer in order to get more LGBTQ+ viewers, whilst at the same time denying that the character is queer. If it is purely to get more viewers it's queerbaiting. If it's because they aren't allowed to show explicit LGBTQ+ content, but they still want to give the LGBTQ+ viewers something, it isn't, then they're just hinting.
There are also some gray areas, where fans queer-code, despite it not having been intended, which is then often said to be queerbaiting.
I don't know if you know Supernatural, but it's a common fandom for this type of gray area. On the one hand there are the fans claiming that Dean and Castiel should be together, with one of the actors making jokes about it and hinting about it, whilst also dropping some clues in the show that they could be together (e.g. other characters calling them 'boyfriends'). On the other hand, there are several confirmed LGBTQ+ characters in the show, which have been confirmed (e.g. Charlie <girl kissing another girl and saying men are 'not her type'>, Chuck <'Yeah, I had some girlfriends. Had a few boyfriends'>, characters shown as both male and female <e.g. Raphael, Castiel, Hannah>, and various gay couples), which would make queerbaiting in the form of 'Destiel' useless -- they already have queer characters, so they don't need to 'bait' anyone.
Clear queerbaiting is seen in Harry Potter, with JK Rowling claiming that Albus Dumbledore is gay, despite there having been no evidence in the books and now just ignoring his and Grindelwald's relationship in the movies. Many people might have gone into the cinemas, hoping to see their relationship at least hinted at... but nothing. In such a case, this revelation was for profit, since they could have easily made Dumbledore gay in the movies as well.
Not queerbaiting would be Oscar Isaac saying that he would have loved for his character in StarWars (Poe Dameron) to be with Finn. That wasn't allowed because Disney feared that they would loose profit that way, instead adding a scene of a second with two girls kissing, which could easily be edited out of the movie in countries like Singapore. This was just Oscar Isaac voicing his opinion, never once hinting at the relationship coming up in the movie.
Also not queerbaiting would be the show 'Good Omens', where you can interpret the main characters (Aziraphale and Crowley) as being in a relationship, since it's been clearly stated that neither are male (in fact, both have no gender, whilst usually presenting male, with some exceptions for Crowley, who had been shown in typical women's clothes), along with the author saying that you can interpret them however you want -- male and gay or non-binary and asexual and aromantic. Since it is made clear that they will not be confirmed in a relationship, whilst having the opportunity to imagine whatever you want, this is just the author giving you the freedom to decide, not wanting to label the characters, instead of queerbaiting.
Well, this is how I see queerbaiting. Hope this cleared everything up. Feel free to disagree!