This concept goes back further than that. Moving bed bioreactors (MBBRs) have been used in aquaculture and wastewater treatment for decades. A little in the aquarium trade too, but at the DIY level.
https://en.wikipedia.org/wiki/Moving-bed_biofilm_reactor
The basic idea is that you have media that is slightly postively-buoyant, but close to neutral buoyancy. This media houses the bacteria. It stays in constant motion, which allows the media to bump into each other. This makes it self-cleaning for the most part. It's a type of "thin film reactor". The media bumping into each other sloughs-off any large chunks of biofilm.
Typically this just involves a tank, some aeration, and some strainers on the inlet and outlet to keep the media in the tank. Aeration is used to move the media, but it also has the benefit of providing oxygen to the bacteria, and CO2 removal.
The Bashsea version uses a water pump instead. Because we keep low bioloads in our reef tanks this should work fine as well. A typical MBBR will have 50-70% of the volume filled with media, and it looks like Bashsea was able to achieve that with their product.
What makes this unique is it's small (appropriate for home aquariums) and you can buy it as a kit. DIY is always an option (and cheaper) but Bashsea makes it simpler for the average consumer.