I don't think that's a fair conclusion. The headphones sound great if you can power them. My consumer, non-engineer take is that they wanted a fast open-backed driver with subwoofer-level bass slam, and they achieved it, with lots of asterisks. The power required to drive these is likely a non-starter for many people and this version will forever be a niche product. I got lucky in that my existing amplifier works great. I imagine this is the area they will focus on for the new headphone coming out at CanJam SoCal.
I'm basing my outlook on the timeline of Dr Tony Nguyan's work as Flora Innovation and then Lily Audio sub-brand (or is it a separate company .. I think just sub-brand).
The piezo strip was marketed in 2023 for signs, bus announcement, bus window speaking adverts and general turn-a-surface into a speaker type stuff.
Here's a demo using a cardboard box:
Note the approximate size and shape of the piezo element there.
You could (and still can) buy a development kit from Flora Innovation.
Then they had some investor rounds and conferences, e.g at SXSW .
In 2025, they came up with a design for implementing the same thing , of the same shape and size, to play music into your ears by vibrating a surface .. a surface inside a headphone enclosure .. and started a Kickstarter for it (likely unsure of the interest and testing how this audiophile headphone market works).
The copy for the Kickstarter gives the impression that this was a technology developed to rival other common headphone driver technologies .. but you can see that it's likely the same element as they already had for other applications.
For me - and I am only speaking for myself - it's just something I can't unsee and therefore so jarring with the audiophile copy, marketing and the audiophile people they have sent it to for review on various channels, no matter how it sounds.