Looks like it's just a sensor that can measure what the axle is doing, or more importantly, what the tire is doing. It's just another factor of suspension telemetry. It's one thing to know what the shock is doing. That tells you what the frame is doing in relation to the swingarm. This supposedly tells you what the tire other end is doing. They've absolutely right about the tire being a suspension element.
So, snake oil, no. Helpful, yes. That is if you know how to interpret the data. There wasn't much info, but it also looked like if you had an electronically controlled suspension, this could be integrated. That means better traction. Better traction means less highsides.