Here's a use case
Some of this functionality would have been nice in my wife's case after she left her wallet in a rental car she returned to the airport (just last night). She discovered it while going to her gate. If her phone had barked at her 33 feet away from the car, she would have been tipped off. The other features (especially the honkin' battery pack) are fairly useless.
The video does point out a flaw in the design though. If tied to your phone and it really works, you should never lose your wallet (or phone) and allow someone to pilfer it. You will know you are about 30 feet away when it goes walkabout.