Possibly their goal was a custom ASIC and massive manufacture quantity, but perhaps either their quantity changed or they couldn't secure an ASIC contract? If the product succeeds in the market they might try harder to get an ASIC instead?
I can buy a reel of GreenPAK SLG47513 parts for US$0.46 each.
So spending big bucks to make an ASIC is not a wise choice.
At best you could save about US$0.45 per unit, if you got the ASIC cost down to US$0.01.
Sometimes making an ASIC is the wise thing NOT to do.