John, your immediate analysis is spot on.
The mid term effect of this board is the opposite of most boards. Because the metal gauge is thin the release rod will eventually bend and instead of a board that won’t close, In the case of tarditional boards, the Polder board won’t stay open/upright.
Don’t know if the ironing board is a product that can be reinvented. As John described the appropriate functions, I am hard pressed to find a functional improvement. Y- legs are best.