This is an old technique. The idea of convolving the impulse response of a system with an input to yield the output is the basis of LTI systems theory. And while convolution isn't the most computationally light operation in the world, computers have been up to the task of practically performing such operations on audio signals for at least 20 years.
There's been some more recent work about more efficiently and accurately measuring the impulse responses of a space, but given they're using balloon pops, they're not using that work.