The description is "A self-hosted event management tool for nonprofits"
Maybe they're just being coy currently, and planning to make it a network after all, but the thing that made Meetup work was the network. You setup a meetup.com group, and random people find you by stumbling upon it on meetup.com . We run Larp games in Philly, and every couple months random players find us on meetup, show up to try it, and stay, and that was worth the meetup.com cost for us. If there's going to be a replacement for meetup, it has to also replace the network part of it, since that was much of the point for most groups. If I just wanted a self-hosted platform to track events, I have a wordpress plugin for that already.