No, this is probably the only thing they did right. Getting early traction is important for many reasons.

- It gives you an opportunity to get early feedback from people interested in your product. If you can get an email you can talk to your users. - It gives you some early KPIs and a limited, but important understanding of acquisition channels. If you can't find any one who is interested in your product as a concept, how will you get users? - It motivates companies to get products out earlier. - It helps when talking to investors to mention that you have 1,000 people on a waiting list.

I agree though, you always need to get the product to market.