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Interesting hack - fixing stripped screw holes with hot glue. Wonder if it works.
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Another useful method is drilling out the hole and filling it with matchsticks and wood glue. Let it dry, cut it flat and rescrew the hole. It takes a while longer to dry but I think it might be more secure than hot glue.
Dowels work too if you've got them. I use that method for concrete too, since I find tapcons frequently fail to grab. Drill out the concrete hole larger than the screw. Shove a dowel or a bunch of toothpicks/splinters into the hole, then drive the tapcon or a wood screw in. Holds like crazy since the wood conforms to the concrete wall imperfections. Might rot over time though. Maybe plastic is better.
Sounds a lot like a concrete anchor with extra steps.