Of course the system is extraordinary, but it's an engineering project. An engineering project with a lot of "knowns", vs "known unknowns". It's mostly a materials science project.
It's a complicated integration problem with all of the engineering associated with that, but, to be fair, they're not making up a lot of stuff out of whole cloth, they're utilizing known things in new ways.
Simply, much of the concept can be simply tested after the napkin math is performed. Tested to the point of either "yea this will work" vs "no way".
As far as I know, there's no real government money in this, they don't seem to be running in to a lot of administrative red tape (like, high speed rail is not an engineering problem, it's social and governance problem). So, doesn't seem to be some swamp land boondoggle.
Can it fail? Of course it can fail. Is it inevitable? No, I don't think so. I don't think it's a bill of goods sold to investors to fund a few engineers in the middle of the desert.