Comment by crote
The unique selling point here is that you don't need to trust the hypervisor or operator, as the separation and per-VM encryption is managed by the CPU itself.
The CPU itself can attest that it is running your code and that your dedicated slice of memory is encrypted using a key inaccessible to the hypervisor. Provided you still trust AMD/Intel to not put backdoors into their hardware, this allows you to run your code while the physical machine is in possession of a less-trusted party.
It's of course still not going to be enough for the truly paranoid, but I think it provides a neat solution for companies with security needs which can't be met via regular cloud hosting.
The difference between a backdoor and a bug is just intention.
AMD and Intel both have certainly had a bunch of serious security relevant bugs like spectre.