The site looks vibe coded. It's possible they just bought the trademark, quickly set up a site and hope to capitalize on the reputation of former Twitter.
The $20 and $40 early access certainly makes it seem like it. Even if that isn't the case, time has shown that centralized social media has flaws so idealists will just stay with Mastodon while the people that want a large user base and easy of use will just use BlueSky instead. IMO there is no market aside from a possible gofundme-invention type exit scam.