Totally impractical... but cool as all getout.
My team works with composite structures in aviation, and some of those structures have to withstand significant impact loads. Based on that I have my doubts about that swingarm taking the kind of beating that FMX bikes receive. I think the frame can be made to handle (actually pretty well), but I'm guessing the swingarm will need some major redesign work. And routing the exhaust through the swingarm is a gimmick that I can guarantee will not be practical in the real world.
Anyway... not to be a killjoy. It's a really neat
concept, and I would really love to see them put a carbon frame out there. It happened with mountain bikes, only a matter of time for MX/FMX bikes. Costs are higher, but it's really light and (in certain applications/geometries) really strong.