I think this one is more meant for high-speed links between (AI?) datacenters. In theory it could be more reliable than ground-based links, until a solar flare comes along of course. And once the constellation is up linking two locations that are very far apart is a hell of a lot easier than laying more cables.

Anything Blue does or announces should be taken with a hefty grain of salt, so I fully endorse your scepticism about the speeds. We'll see how this one pans out. But from a purely technical standpoint it does sound kinda neat.