[1] Sure, their wallet requires no set-up. Because they did it in advance - making it wholly insecure in the process!
While I agree it's a fancier and arguably less secure paper wallet simply because you don't know how careful they were in the process, I would not call it insecure simply because as we all know there are other similar collectibles funded with very big number of bitcoin and they are still safe and secure, so it is possible to be done right.
From a cryptographic / system security model perspective, I have to flag any private key
seen by a third party as
'compromised'.
Of course, we can 'trust me bro' the vendors, but then we can forget about Bitcoin in the first place. The main reason for all of this is having the ability to minimize or fully eliminate trust.
I do have a ballet card, I've won it at a free raffle here on bitcointalk, it's a small denomination (0.001BTC) and being this small I've funded it.
I find it a nice collectible and a nice way to give a present, but, call me paranoid, I would not keep large funds on it. If need be I know how to make myself securely a paper wallet (plus I have a hardware wallet too).
I don't have anything against paper wallets, and not even necessarily against collectibles with embedded private key, but this product is clearly portraying itself as a hardware wallet or at least as a better alternative, which it most definitely is not. That's why I am so clear about their claims / comparisons and why they are wrong.