A general note not regarding this mathematical theory in particular: It should be impossible to discover why the universe works the way it does. There should be some fundamental laws that are not caused by other laws, and therefore unexplainable by definition (or rather, they are probably explainable but the explanations would be untestable and not unique). It is possible that the complicated jumble that we have discovered so far are these fundamental laws and we can't dig deeper. This new theory would work if it explains more, or it explains the same with a simpler set of laws – the problem with string theory is that it is both more complicated and doesn't predict anything additional to what we already know.
On the other hand, even things like string theory that would appear to be completely futile in the scientific sense they might contain the key to why the universe works the way it does, only the results they give would remain untestable, so this is interesting even if it goes nowhere.