I gotta give Topping credit: they definitely are not afraid to cannibalize the sales of their higher-end models. Here they've got a $99 desktop box that runs off bus power and manages to put out distortion and noise levels that most manufacturers aren't matching at any price. And although Topping has models that beat this one handily, almost nobody actually needs that level of performance. For a lot of people, it's tough to justify paying eight times as much for a Topping DX7+ Pro, just to get your SINAD even *more* inaudible.
It's a much lower power device though. It's closer in power output to higher powered dongles than the likes of the DX3 Pro+. It's actually near identical power to the Moondrop MoonRiver2
dongle, for example, the MoonRiver2 actually beats it with higher impedance, over 32Ω, it's a little better. DX1 is a little better at 16Ω. The Moondrop dongle has broadly similar or slightly better noise performance too.
Moondrop MoonRiver2 dongle (balanced):
The DX1 is specified at 280mW @32Ω, 190mW @64Ω, 51mW @300Ω.
While for low impedances, the E1DA dongle
claims 340mW @32Ω, 550mW @16Ω. Amir measured 219mW @50Ω.
The Topping DX3 Pro+
by contrast, is specified at 1.8W @32Ω, 900mW @64Ω, 250mW @300Ω. Amir measured 257mw @300Ω and 1.5W @32Ω. So I'm not sure it's really competing with that, it's a different category of thing.
I'm not saying this doesn't have a place or a benefit over a dongle, it is doing this with two convenient single ended outputs and has a big volume knob, two things many will want. A dongle on the other hand is more compact and portable and you can use it with your PC or phone. Just pointing out that it's not really in the same class power-wise as even most "entry level" desktop amps or amp/DAC combos. Most of them will do more like 1W-2W into 32Ω.
Apart from the dongles, it would be competing also with the likes of the iFi Zen DAC (not the CAN, which is far more powerful) and it seems to do a lot better than that (in both SNR/noise and power).