This, big time. I worked on an ecommerce site that had to ship to Nigeria. No zip codes, often no street name or number. "Two doors north of the post office on the east side of Lagos." The couriers could find it.
Designed as a way to address any location segment with a unique code, based on lat/long, and it's a great way to provide addressing for many areas that don't have formal systems.
This is to help transition areas that are still based on local knowledge to a standard system, without the expense of official street names and building numbers.
But it does. Based on my address, you would know what city and state I am in, and in many cases even which direction in that city my street is (e.g. NW Whatever St). Then you'd know where on the street I am because 3350 is one block over from 2428. You'd also know which side of the street I am because 3350 is across the street from 3347.
If you're comparing address systems by how well local proximity can be inferred from a given address, then Lat/Long is the best system because it's global without language, national or political barriers, doesn't require formal naming, and has no arbitrary designations.
Open Location Codes are based on lat/long, but designed to use alphanumerics to make it easier to remember while also working interchangeably with lat/long and country designations.
Perhaps the developer page will help: https://plus.codes/developers
If you need to mark an area in a reliable, deterministic and politically neutral way, especially in the absence of any existing system, then this is a good option. If you need to drive your jeep to get somewhere, then continue using the lat/long that your GPS or map provides. If you need to translate between the two, then place codes make it easy because they require nothing but simple math.
The relevant section of the definition is short, and an interesting read: https://github.com/google/open-location-code/blob/master/doc...