Yeah I guess heat-shrink would do the job most of the time. But for when you have connectors that are too big to fit the right heat-shrink over or want to splice more than 2 wires together and want a waterproof seal over them this could be useful.

Bad. I have a Raspberry Pi 4 hanging from a HDMI cable going up to a projector, then have a 2TB SSD hanging from the Raspberry Pi. I host Nextcloud and Transmission on my RPi. Use Kodi for viewing media through my projector.