Comment by quitit
This approach solves a common problem in apps that need to surface a lot of controls.
Problem 1: Sliders take up a lot of space.
Problem 2: Fine control of a mouse or touch-driven interface is provided by sliding, not by rotational gestures.
The idea here is to use a virtual knob to save space, while providing the fine control possible with a sliding interface. The sliding direction is generally chosen to be intuitive to the function of the knob. (Locking to horizontal or vertical also assists with fine control.)
Exactly. It's not about skeuomorphism, it's about saving space. Yes, it's unintuitive, and they could have made it work with a circular swipe as well, and probably should have, but it makes sense design-wise.