By the looks of it you might be right.
It does look to have a low ground clearence which would make it bad for typical ATV uses.
I do see this being made into more of a street legal watercraft. The off road tires and 4x4 capability more needed for safely entering and exiting the water than anything else.
I see this as another alternative to the golf carts and other small untility vehicles, like John Deeres Gator, that have become a common sight in many communities.
Water front property owners with limited space for parking ATVs and PWCs would be the target market. I can see a big resort market for these.