Honestly, I don't like it. At first I thought it was a short, sort of binary (at least machine-readable) representation of coordinates. A,A might be (0,0) in our coordinate system. Turns out it's not. It's not even global but country (or in the US, state) specific. This means that the locations are controlled by a single entity together with country codes. Sure, postal codes are controlled by a single entity too, but…
Mapcodes are coordinates within a rectangular region, you define the region, then the code(or if you're IN the region, you don't need to worry about defining it). One of the available regions is "Earth", which offers global coordinates(they're a bit longer, four or five characters on each side of the dot). The upside of this is that it is possible to implement it completely offline, you don't need to query the region…
Why not just use lat, lon, which can be shorter too?
Central park, NY - 40.78 -73.97
Hyde Park, LON - 51.51, -0.17