Ill go with: it’s a good idea. A cargo bike is a large piece of rigid structure that you don’t use while camped overnight, so why not incorporate it in a design?

using the bike or motorcycle to hold up the tent is good and has been done for a long time without needing expensive special stuff (you can do it with a tarp, some rope, and some pegs), i'm sure this thing will be useful but expensive

Guess I'll take the contrarian side here and say this looks like a nice rain fly for a bicycle and not something I'd want to sleep in. Poles are not make or break when it comes to weight and having a space with a floor where I can get situated without hitting my face on my mud-covered bike seems worth the slight additional encumbrance. If I was going for ultralight I'd use a camping hammock instead.