I think this is a lot like etree in python's streaming approach for XML, but with a simpler API, and incremental text parsing. With etree in python, you can access the incomplete tree data and not have to worry about events. So it's missing the SAX API part of a SAX approach, but is built like some real world libraries that use the SAX approach, which end up having a hybrid of events and trees.
This is more versatile than it seems at first glance. Under invariants, it shows that you have arrays/objects only being mutated, so you have stable references. You could use a WeakSet to observe new children of an item coming in. You also may not even need manage this directly - you could debounce and just re-render a UI component by returning a modified virtual DOM. Or if you had a visualization in d3, it would automatically notice which ones are new.
It seems to be convenient for some cases. A large object with many keys, for example.
I don't see it as particularly convenient if I want to stream a large array of small independent objects and read each one of them once, then discard it. The incremental parsed array would get bigger and bigger, eventually containing all the objects I wanted to discard. I would also need to move my array pointer to the last element at each increment.
jq and JSON.sh have similar incremental "mini-object-before-complete" approaches to parsing JSON. However, they do include some tools to shape those mini-objects (pruning, selecting, and so on). Also, they're tuned for pipes (new line is the event), which caters to shell and text-processing tools. I wonder what would be the analogue for that in a higher language.