A gimmick, big whoop.
Maybe not, compared to MYRA, lets look at this...
The TSP ( Thrift Savings Plan ) had something like 7 investment options when I was exposed to it. Low cost provider ( Barclay's I believe behind the scenes ) with the boring almost Vanguard approach, index, growth and bond funds. You could build a boring steady as she goes portfolio and it would be ho-hum and grow.
Now for all the cheap SOB's that won't offer 401k's to their employers ( I've seen them, and I have seen the corollary that found low cost options and did right by their employees), or are offering expensive ones, this option would be a no brainer. Even more so the low-information voter that has no idea about the investment world could be brought into it and maybe just maybe at some-point take an active roll and learn about it and empower themselves and got just go along and expect the worst.
With on caveat, that they must pick their own funds and or get professional advice, not what WJC wanted to do and go with pre-determined options and Greenspan told him no since he thought it wouldn't pass legal muster, but then again post Justice Roberts, all bets are off...