I personally like this aesthetic and think it looks great. I also don't think the performance questions raised in this thread are material given modern user device capabilities.

However, the contrast between the glass background and foreground is dependent on background content by design, which is a serious issue for complying with various accessibility guidelines. For enterprise apps if you want to pass the various accessibility reviews it needs to be a user preference to disable this at least, or just don't use this technique to guarantee pass for contrast related questions.