Having done a little bit of boxing, it's a pretty good full body workout. It's hard to say how the resistance bands would feel compared to a punching bag though. Also: how do they work for different punches like uppercuts?
How would you track blocking? How accurate is the position tracking? The tracking animation notably only measures one dimension (extension), not the direction in 3D. That seems quite hard just with the bands.
Another concern: I feel like for many users the punching motions would get boring really quickly.
Engaging game(s) would be key. Since it's all you do, the punching must be satisfying. Including making me "feel" the impact. That means: smooth animations with accurate position tracking, quality audio, ....
What I see in the video does not work so well for me. Having some variety would also be key. Eg have a basic boxing ring available for mindless punching, but also a more engaging RPG style game where you don't punch all the time - for longer sessions.
Building full-fledged quality games in addition to the hardware seems like a very big task.
Have you thought about searching for interesting indie games (including the various VR boxing variations) and looking for partnerships?