Guys, this is not a new concept. In fact it's decades old and has gone by different names over time including (but not limited to) diskless node, thin client, zero client, net client.
And this isn't specific to really cheap hardware. You could net boot an SGI Indy workstatin (entry price around $5000 thirty years ago) in diskless mode.
And like all of those devices, this one is focused on enterprise customers not consumers. Think of this $350 net PC as replacing a $1000 Dell Optiplex in a hospital. Or rather, think of $350,000 replacing $1,000,000 in hardware.
I know it's hard for a lot of TPU readers to think outside of their consumer bubble dreamworld but there are usage cases that are commercial/enterprise where having a lot of power on the desktop really isn't necessary. People at your medical clinic, bank or insurance company aren't playing Cyberpunk 2077.