I'm not what's more disturbing. The fact that it secured 1.2M or the mental gymnastics that people are doing to justify the existence of this app.
the meaning that can be given with a single word.
I could imagine yo'ing my wife to say "Thinking of you" while at work, or my brother to say "Not up to much if you want to Skype", etc.
I think they could easily start with something curious like this and then slowly extend it to something else (e.g., single word/term conversation elements where you get more choices the deeper the conversation goes).
How many naysayers were there (and still!) with something like Twitter? Yet I use Twitter many times each day.