Justin655 the policy definitions and initiatives that are built are loosely based on the ARM specs for a policy definition however when deployed the solution doesn't use them as a template. For that same reason we can't convert them to Bicep either. The assignment files are also not based on ARM at all, they are designed to control parameter values and deployment scopes.
It does seem like a complex solution but was authored with customers in mind who manage multiple tenants, large scale management group structure, need dev/test ability for new policies, have complex change management controls or a decentralized team that manages different types of policies eg. security vs governance. I believe it fits any customer who has a need to deploy and manage Azure Policy at any scale from an IaC method.