I think the point of it is that it is better than nothing and a lot of people would rather do nothing than get the full exam.So what's the point? It is only a lure to grab you and get you in for the full exam.
I had a colonoscopy when I was 50ish and when I was due for another I kept refusing year after year until the doctor offered the Cologuard test, then I was willing to do that. Passed it the first time, but it has to be repeated every 3 years due to its lesser validity, and I failed the next one (turned out to be a false positive), so they managed to convince me to go in for the real colonoscopy -- which didn't turn out to be so bad, partly because I'd been trying for a long time to be low-carb and the diet in the days before the colonoscopy had to be carbs (glorious carbs! bread, crackers, white rice!).