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It's to do with how the creators of ARC-AGI defined intelligence. Chollet has said he thinks intelligence is how well you can operate in situations you have not encountered before. ARC-AGI measures how well LLMs operate in those exact situations.
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To an extent, yes. Interdependent variables discovery and then hopefully systems modeling and navigating through such a system. If that's the case, then this is a simplistic version of it. How long until tests will involve playing a modern Zelda with quests and sidequests?
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"AGI" is a marketing term, and benchmarks like this only serve to promote relative performance improvements of "AI" tools. It doesn't mean that performance in common tasks actually improves, let alone that achieving 100% in this benchmark means that we've reached "AGI".

So there is a business application, but no practical or philosophical one.

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