My take is that it's for kids who don't know how to think deeply and very experienced players who have their patterns down cold and no longer have to. For the rest of us it seems no more than an idle exercise in pushing wood.
2 Minute Chess(?)

Kids would do better to take their time and think. No sense encouraging them to have even shorter attention spans than the current generation of young people.
Suggestion: Until you can spot simple tactics almost reflexively, don't look for meaning in your bullet chess games. Don't even play it, actually.

Hey , bad dog, maybe you helped explain part of my problem. I use a mac, so no physical mouse. My fingers tend to stick on the trackpad, specially in hot weather. That certainly slows me down. Anyhow, I'm not tempted to try it again and it is nice to know I'm not the only one who doesn't want to do it.
If you can really call it Chess --- Why do people torture the game with that stuff? Does anyone ever win a game by checkmate????
I just tried it and managed to get 17 moves in when my time ran out. My enemy had all sorts of time left! Obviously this is not the game for me, but I can't understand why anyone would want to play it. My brain "might" be fast enough (I emphasize "might"), but my fingers certainly aren't!