Having watched that video in full now, there is tactics and skill involved, just a specific set of each
You have to aim and hit, you have to move to where you can get those hits, and you'll play more effectively if you coordinate those moves versus a team of random rushers. One chap even made the observation that being hit teaches you a lesson that you can immediately apply in the next game.
On sportsmanship and cheating, I take the point that because the turnaround is so quick, players might be more inclined to call hits because why not, you'll be back in a few minutes anyway, rather than slogging to respawn.
A couple of notes of <Buzz Killington> though.
if it takes off, it's going to become dominated by HPA (or tricked out DSG) owners finger-drumming hair triggers and spamming so fast that they might as well be running full auto. Getting monstered by teams who have bought the ability to put many more BBs into the air might not be the most fun experience for new players.
Also, the moment you bring real £££ or a ranking system into it, you've created an incentive to turn on God Mode. I'd hate to even have the suspicion of that on the field, and it would need robust marshalling - including cracking down hard and fast on cheat-calling as well as cheating - to nip it in the bud.
But yes, having seen what we're talking about, I'd be up for trying it.