It is a very legitimate tool. It identifies misconfigurations and vulnerabilities in cloud deployments. Anything from a container with a known-vulnerable package in the manifest to a workload with improper firewall rules.
Sysdig, Palo Alto's Prisma Cloud, or a few others compete with Wiz's CNAPP offering. Wiz also strays into some SCA and SCA-alike tooling for containers, code or XDR with their CDR/XDR products log ingest and agents available for response/quarantine.