But not exclusively. And that is one of the problems. If they marketed it as "only" a meal replacement, the risks would be a lot less severe - after all a lot of people get by just fine with horribly deficient meals a lot of the time. But it's a big leap from "a lot of the time" to all the time over a prolonged period of time.
While I'd love for this to be a safe, reliable option, and might even try it as a replacement for some proportion of meals if/when it becomes more widely available, their marketing claims far exceeds what they have evidence for so far.