Yeah it is wasteful or worthless. The designer even said "we made it to look like anime". Mechs are incredibly impractical in anything in the real world. There's a reason why they haven't been made (and that reason isn't "lack of technology")
The only reason we don't have mechanized suits fighting in a titanium octagon is the cost vastly outweighs the potential income.
It's entirely possible, entirely impractical, and while it looks super fucking cool to have a small mech suit you can walk around in, the cost will make any damages prohibitively expensive.
So basically right now it's nothing more than a toy, and ultimately it's not really trying to be. It's not a demo, and "proof of concept" is even pushing it. Like you said, the designers said basically the same thing.
It's basically telling a WWE fan that the whole thing isn't real and the wrestlers drama stories aren't true. They know. They don't care. It's entertainment for entertainments' sake.
We know it's not practical.. But come on.... points gundam suit.
The designers aren't also saying "this will be used to make mechs fight". They want it in disaster recovery and aerospace use. Where they are extremely not worth it.
I live on the same planet as someone who doesn't see the value of piloting this thing and shouting "get away from her you BITCH" or standing in awe of it and saying "Metal Gear?!"
This is a hobby for a man-child with more money and time than sense. I bet you the speed that the arms move in the video is the max they're capable of.
This will never be useful for any actual work. Someone might eventually buy it for a publicity stunt.