Engineered wood products have been around for a long time.

You can’t use this for reinforced concrete, bar joists (for precast tip-ups) are cheaper than engineered wood and they’re much more useful since you can mount things on them with beam clamps (drilling into engineered wood is a no-no), and i-beams are usually touching concrete and wood needs to be treated if it will be in contact with concrete. Regardless, there’s far more rebar by weight in a building than there are i-beams.

So my question is, what is the use for this product other than luxury residential applications (which is a tiny insignificant market compared to commercial/industrial)

I wonder if you fall on it, does it hurt like steel or wood.

What I wonder about is how superwood withstands or responds to weathering and being exposed to the elements.