Yet another attempt to commercialize coordinates, and sell virtual space.
Its a proprietary system, so to find a location you have to use their website, or an official app. So you couldn't use it offline for example.
And how practical is it anyway? How easy is it to remember and share 3 random words? If you forget or misspell one part, you get a location on the other side of the world.
Whereas with latitude/longitude, or other coordinate system, you can look at the first part and get some idea of where it is, and how far away it is from another point.