Silly indeed. I applied for it twice, having submitted a screen recording explaining what I was using it for. They gave me partial API access, pretty useless functionality. Not what I needed which was clearly explained in the second video.
The application felt like I was begging. Not something I'd ever do again.
Yes. I had many web projects that were cut short by the requirement that you had to submit a video of a working app to get access to the API.