I am open to constructive criticism as to why you do not think it is viable and how you believe it should be changed to become viable. I am interested in your feedback, but it will require actionable commentary. The community feedback has been very positive by those who have implemented it in their projects, so there is evidence that is a viable approach and functions as advertised.
The components do re-render when the global state changes. It is designed to maintain as similar of an approach to component local state as possible while still being performant. If a component accesses a property on the global state, it will rerender whenever that property changes — a classic publication/subscription approach. This is automated when the setGlobal method is called, the same way local state re-render is tied to setState.