You can't just compare it by saying "$50/mo gets you the full Adobe Suite" -- there's a hidden cost there. Yes, you get access to the full Adobe Suite of software, but there's a huge learning curve that comes with that and dozens (hundreds?) of hours of learning required to get good.
This tool seems pretty much effortless to learn and use. There's intrinsic value in that.
This is $32/mth for fewer features than iMovie - which isn't exactly a difficult tool to learn. And is also free. And works on your phone/tablet with no separate content upload step.
This reminds me of those canned Flash and js animation sites from 10-15 years ago - where people who couldn't learn ActionScript or js would pay $$$$$ for a basic text explode or image carousel.
It's a perfectly viable business model, but it is rather literally aiming at the Dummies part of the market.
The best part of this is the marketing and the site design, not the actual product.
I might take that for granted, as I've been using Adobe software since Photoshop was installed from 20+ 3.5" floppies. However, because of the popularity of the Adobe Suite, you can find plenty of videos on how to do things to flatten the curve (of learning). Like everything else though, some people will naturally take to it like fish in water, or they will struggle with it.
This tool seems pretty much effortless to learn and use. There's intrinsic value in that.