It still is similar to Indiebox. I have one for Steamworld Dig and it's very nice. Yes the game comes on a HID(security card) sized flat card that flips a thin USB plug out to install the game with (and there's a steam code) but it's all physical still.
Shame that company appears to make some truly crappy games, hopefully they got something good coming up as noted that Breach game got bad reviews.
Remember fangamer did this too and for Sony as well which goes to show how easy going and lax Sony is about publishing low rent digital games as physical for the market -- Retro City Rampage DX for both PS4(I have it) and Vita (don't) which came some months after. They're limited I think to 2-4K copies so even a smaller run than these guys stuff. Also there have been others too with Teslagrad, Pure Pool, Pure Chess, Pinball Arcade, Plants vs Zombies 2, Stick it to the Man, Shovel Knight (multi-format) and the too delayed upcoming MIghty 09 (also multi-format.)