I think it's a compelling and feasible solution to the news site monetization problem. It just seems difficult to imagine users flocking to something like this away from ad blockers—which improve daily (and are mostly free).
Standardised micropayments are the obvious answer, but it seems to be a ship that's sailed.
Apple's added a good number of publications since it launched, and I get more value out of it than I used to. But it's still trying to find its sea legs.