It seems useful for commercial gyms based on safety/liability reasons, especially for people that have no clue what they're doing. In a commercial gym setting you have to expect a wide range of people to use the equipment and not just powerlifters or people with adequate weight training experience. You have to expect that people with little common sense will use the equipment too. I agree with chris_ottawa that a power rack should be sufficient. I would prefer a power rack for it's versatility and also for home gyms with limited space. With the rack and bench, you have the option of doing incline bench as well. People with weight training experience wouldn't waste their money on this product.
It wouldn't make a difference for a meet situation. The bar falls so fast that it wouldn't be possible to hit the quick release immediately after a lifter loses control of the bar. You can also see that the lowering speed is very slow. Spotters would pick the bar up much faster than that. I think that most of the injuries occur from impact as the bar drops on a person, not while the bar pins them down for a split second as spotters react to lift the bar.