This would be believable; if their other products were not also a mess in terms of UI even with the benefit of decades of development and feedback. Amplitube, Custom Shop, T-Racks, et al, are all still only passable at their best in terms of interface. IMHO
There are a bunch of products like this in plugin land, it is not just IK. TH-U has been around for decades... Sounds: phenomonal; UI: borderline unusable.
You'd think with the freedom of the computer's UI and the amount of time this has been developed and devs would have converged on some standards and elegant interfaces; but the plugin market is niche compared to others that compete for talent in this area and developers with limited resources/attention can only do so much. Some people are certainly wearing many hats in those teams, some of the teams may only be a couple of people.
But, yeah, all that said, the ToneX data management problem is so bad it has kept me from investing that ecosystem at all beyond the initial buy-in. This is partially because I have another platform I've dumped time into that is also half baked, lowering my personal incentive, but I really think that until this data management and content curation thing is sorted, there will be significant money on the table for some profiling product to really show how its done.
I think the garbage to gold ratio is pretty particularly poor for ToneX, too. I feel like there are tons of people just profiling presets from KPAs, Axes, Neural Plugins, etc.
To date, I think the real value for profiling products is capturing your own stuff and repackaging it into a portable digital solution rather than as a permanent cure for Amp GAS.