They are looking for potential projects, like small tokens?
That site lists big projects first if I am right. Small projects are not their priority and they are scaling their website.
I didn't get how this tool is useful for that. The app is basically some wallet explorer, show addresses/wallets as bubbles?
You are right about that. They are basically like wallet explorers that have information, chart for token holders too.
Bubbles and token distributions in those big bubbles can be signals of risk and this visual tool has an option to see Dead addresses as well as connections among addresses that is helpful.
Like if you see at a tip of rich list address list, you don't see big potential issue because not much centralization of big address in the list. However if many address in top address list has connections with each other, it can be (just can be) signal that they belong to same whales.
Of course, it is only a supportive tool and due diligent research needs more than this.