Well, any product is technology in that sense. But this particular technology, meal-replacement shakes, is already reasonably well established. What seems new to me is that Soylent is pitching itself to people who either don't know about or have failed to become interested in the existing products, which seems like a marketing innovation more than a tech innovation. They don't seem to be differentiating on technical quality or iteration. If you read their campaign, for example, it is entirely positioned against regular food, as if they have just invented the full-meal-replacement shake, and does not mention anything about technical innovation over existing competitors: https://campaign.soylent.me/soylent-free-your-body

It's possible they also have technical innovation over any existing meal-replacement shake, but they are being very quiet about it if so.