I also find it weird that they chose a name that was already taken in the Apple App Store. If I search for "Hyperlapse" they are the second result. I bet you the developer of that $0.99 app is seeing an exponential increase in revenue!
The price change makes it obvious that he wants to make money off this opportunity.
Apple store is not great on launch day for new hot products - but almost always within 24-36 hours, the proper app gets moved into position #1. (For some definition of proper)