blog post with a better explanation of what's going on from Stephen Few - the designer of the bullet chart: https://www.perceptualedge.com/articles/misc/Bullet_Graph_De...
Animated it would be useful for an air/fuel gauge project I’m working on for a track car.
Confined display area, Target stoichiometric value (14.7). Current ratio. Historical average.
That said, I can see maybe it would help when you are stacking multiple of these on top of each other and each has its own qualitative ranges.