Yes, that's a rocking chair that knits for you. Looks like it's based on the crank-style knitting looms that are used for sock knitting machines. It takes the rocking chair image we've worked so hard to remove and places it front and center, but this is definitely NOT how your Nana knit.
Technology is great, but look at exactly how low-tech this is. You are motor. Two gears. Small footprint. Output is a physical object of value, not data.
... and think of how many flippin' hats you could have made for Christmas gifts!