if by "cut down tall poppies" you mean bring mega's claims of security and privacy in-line with reality, sure.
there are plenty of people doing more interesting work with encrypted data storage. to suggest that mega is blazing a new trail is absurd. backblaze has been using a similar key-per-file encryption method since 2007, except they actually executed properly.
to claim that nobody has done client-side encrypted storage with sharing is clearly incorrect.