Specially on kickstarter people buy impulsive and want to be part of something.
The Coca-Cola recipe is publicly known for a long time and cheaper copies are available...but people keep buying The original.
Instead the bracelet will be taken off, or forgotten, or ignored. These sorts of tools have existed in many forms since the advent of everything. If any of them really worked, they'd be household staples. Instead they're ankhs for the uninitiated.
One good side I see to this is that it forces people to embrace or at least acknowledge their own lack of discipline, but I don't think the solution will have any real permanence.