I wish some people would wait to judge this product wait until it’s out in the real word.
I have one of these and have been using it these past two days. It’s best thought of as a cardholder that magnetically attaches to your phone (if you wish it to). You can reach into your pocket and slide the wallet of your phone to use it and then return it to the back of your phone in your pocket, if you like the idea of keeping everything together. It’s also very nice to use the iPhone with the wallet attached, as the wallet provides extra grip.
Personally, I love it, and due to the various wallet / case colour combinations, it adds a level of customisation to the iPhone that I appreciate (rather like the Apple Watch with its different bands etc).