This would need quite a lot of force to overcome friction and cinch tight, no? Aside from some fun marketing, the problem is already solved by items like ratchet tie downs, Velcro straps or even just cord/rope with the right bundling knots.

https://en.wikipedia.org/wiki/Tie_down_strap

There is a pin you can put in it to lock it (there is a video) but it seems like mostly just a fun item with a bit of utility on the side.