It looks quite nice, but I am wondering if this is like a popcorn time kinda thing where I can stream any show that may not even be on my harddrive, or if this is a product meant for indexing my harddrive and streaming it to any device like Plex?
When you don't have any activated, it relies on local indexing.
On the other hand, the default add-ons suggest to you links to iTunes/Netflix/etc.
There are third-party add-ons that use torrents, those can be shown in the product if they are popular in your area.