I can see the value in knotless rigging in certain applications. But that device looks like it's not really bringing anything new to the table.
I WOULD see value in using it at the base of the tree as a mini lowering device for those trees when a lot of the lowering is beyond what I could hold by hand, but not quite big enough to need the heft of the portawrap. I've used figure 8 lowering deviced for this purpose in the past, but you have to keep clipping and unclipping to install the rope. This dogbone thing would be super fast to ready the rope.