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I went and read their whole website and I reached out to their customer service team, because I was thinking about buying this and I got concerned after reading your post. It seems this is not the TGAM chip, and the signal processing is done by the phone or tablet's processor. You can do pretty advanced signal processing on a smartphone, so this thing seems like the real deal when it comes to EEG brain state classification. To summarize what I learned:
It's a four channel EEG with two sensors behind the ears and two on the forehead, referenced to the frontal pole.
The brainwave raw data can be extracted and even visualized and recorded with an app.
TLDR: this is real EEG with serious signal processing. I haven't tried it but it's definitely real EEG.
The 2016 model can be used with a 3rd party app called muse monitor that will save raw eeg. https://play.google.com/store/apps/details?id=com.sonicPenguins.museMonitor&hl=en