I agree that this is a solution in search of a problem. Don't get me wrong. It's very clever and fun. But it also suffers from a lot of problems traditional solutions like street addresses and the use of landmarks don't. Those issues have been well-documented elsewhere.

The biggest issue this type of solution faces is a lack of standardization. There's this, What3Words, other people's hobbyist versions, Google has something like this built into their map product, etc. Every additional implementation is yet another nail in the coffin of the very concept.

The only way it would gain traction is if it were a government-mandated system. But every government already has one, and the benefits of adopting such a system don't outweigh the costs yet.