Not really. Landfills are safe and clean and plentiful. Ocean plastic is a problem, but comes almost entirely from intentional dumping. Litter is a problem, but it seems silly to assume that someone who cannot be bothered to put plastic in a trash can will put it in a recycle bin.
The real issue is the carbon footprint of making/transporting items, plastic or otherwise. I'd like to see how this compares in that regard. If this uses more energy than just making new plastics it will probably exacerbate a real problem (global warming) in order to help with a fake problem (landfills) which, unfortunately, is pretty consistent with modern environmentalism.