The technical challenges are probably very interesting to work on, but the real challenge in making it useful is the social and political challenges. The chicken-and-egg problem. There is no lack of people having tried to standardize identity.

The stated technical problems they aim to solve seem to be the right ones, and the zero-knowledge proof approach to asserting things about you without revealing everything about you makes me think of Dick Hardt's amazing Identity 2.0 talk from 11 years ago:

https://www.youtube.com/watch?v=RrpajcAgR1E

If I had the chance to work on this, I would take it.