I don't disagree with your points, but it looks like you're coming at this like it's an actual demo for an actual game, but it's not an actual demo for a game, it's a tech demo, i.e. a sort of playable "toy" meant to demonstrate engine capabilities and featuring something vaguely put together which may at some point turn into an actual game. It's meant to show off the engine's realtime fractal geometry and general ambience; the pseudo-objective and monster is just bonus.