Couldn't a bot just look at the first frame?
Even if the captcha recognition's success rate is only 5%, its overall recognition rate is going to go through the roof.
You also get to do something you can't do with static captchas, compare the results. If 70% of the frames recognized the first letter as A, it's likely to be A, and so on.
As the letters move, they briefly do the really hard task of segmentation for you.
If there is any incentive to crack this captcha, it will be cracked very soon if not already, it looks like a very easy one to write.