As to "why not for 35mm format": size, weight and cost! Upsizing this design to something like 27-52mm [EDIT: corrected from 24mm] constant f/1.8 would involve scaling everything up by 1.5x linear, so about tripling the volume and weight of the lens elements. Instead, this lens is likely designed starting from an existing constant f/2.8 zoom for 35mm format and adding at the back converging elements in the form of a 1.5x focal reducer, which reduces focal lengths, image size and aperture ratios (f-stops) by that factor of 1.5, while keeping the angular Field Of View the same over the smaller image size. This is roughly what Olympus did in the design of its two constant f/2 zoom lenses for Four Thirds; 14-35 and 35-100.
It is interesting that the zoom range is only 2x: I suppose that there are optical quality and size problems with a wider zoom range at such low f-stops, just as constant f/2.8 zooms are limited to narrower zoom ranges than slower zooms, like even f/2.8-4. That is why if I crave speed (and shallow DOF that goes with it), my zoom lens design sweet slot is f/2.8-4 or slower where 4x and 5x zoom ranges are available, and I would rather increase speed by using lens designs of those f-stop ranges upsized to larger focal lengths with a larger format sensor --- if the sensor is still affordable.
Since this lens is doing much the same as adding a 0.66x focal reducer to a 35mm format 27-52mm f/2.8 zoom, it is similar to what is done by the new Metabones Speed Booster, which is a 0.71x focal reducer, but that only works on "mirror-free" cameras like Sony NEX, Fujifilm X and m4/3. So for the mirror-free amongst us, an alternative is:
35mm format 24-70 f/2.8 + Metabones Speed Booster = 17-50mm f/2 covering "APS-C" frame size.
And these could probably be combined:
Sigma 18-35mm f/1.8 + Metabones Speed Booster in m4/3 mount = 13-25mm f/1.3 covering 4/3" frame size.
But I wonder how bad the aberrations get in such an extreme optical combination.