It capitalized on the "anyone but Trump" feeling bubbling on the left that essentially turns into a "make America great again (but with me instead)" message, yeah.
Biden's play is more or less a left-wing memberberries play - the other side of the same coin of Trump's right-wing memberberries play. The trouble with Biden's plan is that Trump's memberberries are way more appealing to his audience, and that Biden's not exactly a populist - which makes his memberberries tainted with the sour aftertaste of the status quo.
I said back in 2016 that Trump's appeal to nostalgia and emotion is strong, and he's really good at getting that message and branding out. Biden can't beat Trump at that game. Biden's never ran a marketing campaign in his life.
As fucking bonkers as this sounds, Trump's experience in the WWE actually gives him more experience when dealing with and directing the emotions of large crowds than Biden's stale old-timey politician shtick.