Interesting concept. Seems sort of like the phone housings where instead of direct tactile control you basically have a computer/app in the housing that you sync with the camera either wirelessly or via a cable. So instead of pressing a mechanical button on the housing which actuates the same button on the camera, you're pressing an electronic button somewhere on the housing and trusting it and its app to interface with the camera electronically and pass on that command.
Not sure how I feel about the reliability of something like that, but it does have some advantages like the potential of being compatible with many camera bodies, and being able to power secondary displays like the one on the Leo housing. The scary parts are obviously the extra failure points in the housing computer/interface, its battery/power, and also potential issues when camera manufacturers update firmware and things like that. Plus it requires continued support and updates from the housing manufacturer, since you're basically running your camera via app now.
Seems like if a manufacturer is gonna go in the direction of the fully electronic interface, they may as well go all-in and use it to add major features like maybe a built-in big LCD display on the back of the housing. If you're already fully relying on the housing app, you may as well just cover up the camera LCD with a big 5 inch display or something. Use the housing to make a fully reconfigured interface optimized for underwater use, replacing or improving features on the camera body.