It really is like Dodonpachi or other bullet hell shmup in 3D, on-foot, 3rd-person over-the-shoulder viewpoint. Looks really fun, I hope the game performs well with critics and customers (and sales).
Because it doesn't have a real story and the production value and scale of the game is leagues below what sony's $70 games actually are
I don't think that's a fair assessment. If we keep demanding games have their value judged only by their game length, amount of content or how "epic" (usually filled with tropes and potentially otherwise generic) their stories are, AAA gaming will eventually collapse because production can't keep up with those every-increasing types of expectations while staying manageable for the devs and customers.
AFAIK this game does have some type of story to it, I wouldn't expect them to lay it all out in trailers though and it doesn't need to be a game where the story's the only reason you're driven to play it to be worth the cost. As long as the game mechanics are deep, fun, and varied enough, and there's a reasonable amount in the game to do with them, it aught to find its place and do well.
IMO this game screams for multiplayer content tho, with the way it plays. Some arena-based stuff, it would actually give off some Virtual-On vibes mixed with Dark Souls if they did it right and that'd be really unique for what's currently out there. Vs. and co-op multiplayer content could bring a lot to the table.