With respect, have you considered that there is a significant segment of the market that isn't looking for "fresh and new" or particularly "innovative" but rather are looking for something proven to work and last that sounds good (or good enough if you prefer), that doesn't require an engineers degree to operate, is reliable and easy to use, and doesn't cost a gran(d) and half?
Yeah it's not probably what you'd use for serious recording but for live performance especially for most of us operating at the cover band/event band/corporate band/tribute band/whatever level, something like this unit, higher level Boss mfx units, the Line 6 stuff etc etc, this and similar units are the answer to doing things as simply, effectively, and (relatively) inexpensively as is reasonable. I'm not as concerned about innovative as I am about products that do what I need them to do as simply and reliably as possible at a reasonably attainable price range while meeting a quality of sound/tone reproduction that only knowledgeable cork sniffers would be bothered by if they can discern a notable difference. The small percentage of notable difference especially when being used primarily for live performance versus the cost of the State-of-the-Art stuff is IMO simply past the Point of Diminishing Returns for the majority of us. As always YMMV.
As has been discussed on this forum ad nauseum, most live audiences (and a large majority of us less-than-full-time-professionals as well) can't tell a discernable enough difference to be worth the cost difference and basically just don't care. That IMO is the segment products like this are trying to reach. I can replace a bass amp/cab/pedal board with something that has WAY more options tonally and is much easier to haul around/set up/ blah blah blah for $250? Meets my needs so I ordered one. Guilty as charged.