The presentation looks like marketing overkill, their solution looks pretty simple. It‘s just two trills „Trillerwerk“ bells combined. It was the standard in Germany until the late 1990s https://youtu.be/-mW7dWHDivo

when the alternative is "everyone doing the right thing" this solution starts to look like the pragmatic approach

Over-engineering? It's a fully mechanical bike bell that's made slightly differently. It's a very established and straightforward technology.

I completely disagree, this is just another level of safety.

If everything went perfectly everytime we wouldn't need any safety equipment, but things aren't always perfect.

What is the right problem that should be solved here?

which part would you consider overengineered?

Eh, it's pragmatic.

It's replacing a problem you can't solve (human stupidity), with one you can (a better bell).

The real problem is that cyclists and pedestrians apparently in some countries share space commonly enough that this is necessary?

In the Netherlands, bicycle utopia, I cannot remember the last time I used my bell to alert a pedestrian of my existence. Granted, I never cycle in Amsterdam, but that is a special location where high-powered ship horns are probably required.

Regarding ANC, I naturally turn it off while cycling on my Bose Quiet Comfort II, as the ANC will try (and fail) to cancel the noise from the wind. I don't think this is a solved problem? So for bicycle-to-bicycle alerting, this also seems overkill.