I've just tried to apply it to a medium-sized project, and it spitted tens of thousands of errors where phpstan and psalm don't see any. At first glance, it's because Mago does not parse phpdoc. In its current beta state, Mago is meaningless for all the big PHP projects, which are its main target.
Mago might succeed, but I wouldn't bet on it. Its main selling point is that it promises to be faster than the usual static analysers-linters (phpstan and psalm). But if it does not reach feature parity with them, the speed gain probably won't convince PHP projects to drop the standard tools. Since phpstan and Co keep evolving, keeping feature parity will require constant work. And PHP is more niche than Python or JS, so contributors mastering Rust and PHP will be fewer, compared to phpstan/psalm which are written in PHP.