There's no reason why this shouldn't work. But they've been at it for 9 years, with considerable funding, and it doesn't really work yet. That's a concern.
It does work. They've had a pilot project producing 3 megawatts since 2023. But scaling takes a lot of time and money, particularly when it's something new and you have to go through a lot of operational learning.
Shale took something like 30 years to become a thing. 9 years is nothing in the energy space.
Geothermal has had the same problem for its entire history. That problem is that the water being heated goes through the ground (not in a pipe) to "gather" more energy. But this means that when the water comes back up, it has a lot of weird salts in it (and other things). Those salts cause corrosion, lots and lots of corrosion, far more than even a maritime environment. So the plant needs to be shutdown a lot of the time for repairs. And that's what makes it uneconomical. Also, the salts often contain things that require special handling which also increases costs.
PS This is why geothermal works in Iceland where there is so much geothermal heat they can use pipes. In CA, they can't so it doesn't work there.
CA has the worlds largest geothermal power complex in the Geysers. That one field produces an equivalent amount of power as all the geothermal in Iceland and there are others.