A 30 lb fixie (typically closer to 15 lbs) and you have to take the seat tube out to lock it: awful. It’s impractical, it’s heavy, and a quality U-lock is just as effective for protecting a very low-end bike (such as this one). Gimmick.
I'm not commenting on its value or quality, just on yours.
This adds mechanical complexity to a tool which is best served with as much simplicity as possible. How much does this cost over good U-lock which also holds 1 wheel?