It doesn’t seem glaringly silly to me but it hasn’t been nearly as audited as Magic Wormhole.

The most unfortunate thing it lacks is the magic of magic wormhole: here, the receiver needs a gigantic ticket blob and so the sender needs a side channel to share that giant blob. The nice part of wormhole is that I can type the token phrase into another computer or share it over the phone without needing a sharing method to share my sharing method.