It's obviously acting as a spring Zippy but I was more concerned about the size of the side cut-outs used to 'tune' the spring ... there's not much material round them.
Without knowing the actual material properties of it, I can't really comment on that. You'd hope for some proper maths/engineering and Quality Control on and item like that I'd also be fairly concerned here about different metals in potential contact with each other and the associated galvanic corrosion that can occur.
I think it's quite neat, but definitely agree you have to think twice about it and do go "eeeer"
It makes me think of early 90s "innovation", didn't Merlin Metalworks do something like that but with a proper swingarm and a carbon tube? That or I daydreamed it during GCSE Tech lessons as a teenager.....