Had a look at the About page, and the live coding feature does sound useful. I'm sure the guys are excited; it's a fun project. You get to write algorithms, optimise performance, and do GPU programming. But who needs another text editor that will probably never reach feature parity with Vim and a terminal multiplexer.
VS Code came up out of nowhere pretty recently, and is used by a lot of people, so that shows that there is (or was, but still post-vim) opportunity for a new editor. Whether Zed is able to gain momentum to cater for the long-tail that other developers do remains to be seen, but I'm pretty keen to see more products trying to compete for users.