What value does it provide? The fact that you know with certainty that someone is single (or at least claims to be)? You still know nothing about them and cannot converse with them on your phone. You must initiate face to face contact, which is all fine and great. But all of this would theoretically happen anyway without the app.
Also, there at least two issues I see with the concept that make dating worse.
First, the example on the site of the guy who "doesn't want to be actively looking for singles tonight, he wants to let people know that he's single". That's called laziness. This fictitious guy is going to basically just put out the digital equivalent of "hey ladies I'm single" and wait for the women to swarm? Yeah, ok. Only in rare instances will that happen because socially we still function in mostly the same way (men are still expected to pursue). And in the reverse scenario where a woman does that...well, that's basically exactly how society functions right now. Women know how to project that they are single in a setting like a bar. Men observe, figure out who they might have a chance with, and then attempt to strike up a conversation and pursue. So the app literally offers nothing in that regard.
Second, people will probably be more prone to only risk talking to someone they see on the app as a confirmed single because it's less risky. This would make their choices smaller because they are probably unconsciously eliminating everyone else on the basis of risk. This makes the dating scene worse, not better. Unless damn near everyone was on the app and used it all the time. Which I'm sure the app developer would love. But realistically almost surely won't happen.