The language it uses is really vague and silly, but looking at the gameplay videos what it actually seems to be is a 3rd person shooter with lots of customization. That could work fine.
That's because it's the guts of a cancelled game they were working on, that they tweaked for the demo presentation. It's not even on the engine they want to use (which is UT4). It's on UT3. I'm guessing the engine licensing is a chunk of their funding.
It's sounding like Frankenstein's game, a cancelled superhero game morphing into a dystopian 3rd person shooter, through two engines. That alone would make me skeptical, but then they dog pile on with the language of the over-reacher, saying stuff like "redefining the genre" and "redefining what people think of when they blah". So for me that's two massive red flags right from the outset, despite how much I like the basic concepts at work like customization and guns or magic. The third red flag for me is the funding goal, which I'm guessing is driven largely by their ambition. Taken together, there's tons of reasons I wouldn't back it. If they had an actual tech demo of the game in pre-production, it'd be one thing. But they're trying to sneak a a mockup in there because they have all the assets and resources from a cancelled game. Their hope is to port all that over to the new engine.