That looks convenient for those who want to quickly attach and detach objects. Although it doesn't have to be a "nut" at that point -- there are lots of quick-lock fasteners already. It could probably be made cheaply in China :-)
But the size needed makes it hard to use in most use cases -- nuts are generally designed with small clearance pockets and defined-length fasteners, and adding another inch for the quick-disconnect kind-of makes that hard.