The problem is that it won’t even have 1/10th the power of the big consoles nor a game library that will draw in hard core gamers. In fact few gamers will. All games right now for android are designed for a small form factor, like tablets and phones. Those don’t generally scale well.
People are backing this not because they want to be able to run at 60 FPS for Call of Duty 489234: Modern Super Extra Stealthy Black Ops Warfare, but because they want a new experience, just like the Wii.
Besides, the hardware could change; they’ve already stated that they’re considering revisions. Maybe nVidia would consider giving Ouya early access to Tegra 4 if they generate enough interest.
Ouya doesn’t have games lined up at the moment, though, and that’s a fair point. I sent them a message asking them to get some going with their extra money.