Drag and drop plus lots of options in dialog boxes, looks like.
It's been done before. Viamall, (later Yahoo Store) the first online shopping cart system, was very much like that. Totally hosted, updated through the web, pay by the month. When Yahoo bought them, they demanded a cut of revenue, too. Those seem to be the key components of this concept.
Other ancestors include Visual Basic, Dreamweaver, and Hypercard, but those were not hosted by the company behind the system, so they didn't have the lock-in and profit potential of hosted systems.
It's a reaction to the mess the HTML/CSS/Javascript crowd has made of web design. The web was supposed to be WYSIWYG, and that got broken.