They did not make the speedcube to convert existing speedcubers to their brand. We (most people on this forum) are not their target. They know full-well that their speedcube is not preferred to many Chinese brands. Remember that speedcubers are in the tens of thousands (approx). They sell millions of cubes every year.
Essentially, they made the speedcube for money (crazy business idea right?). The average guy in the high street shop isn't going to have heard of any Chinese brand. They see the product in the shop and think it's cool so they buy it.
People say that they're bad compared to the Aolong etc, but actually the cube is exactly what Seventowns wanted. A high-quality, durable cube that can be sold to the masses. In some aspects, they are far better than any Chinese brand - just probably not in categories that existing speedcubers really care about. In order to make a high-quality product, they have to compromise slightly on corner cutting etc.
I'm grateful that they've released the v2 and the speedcube. They're not a threat to the Chinese market, and at least people picking one up in the shop can now turn it reasonably well. In the long term, it may get more people into "real" speedcubing.