They repeat "feature flag" so many times but don't define it. Is that something like the options under `chrome://config`? And if so, why is an API and SDK needed for this?

I believe the idea is that you run feature flag management as a separate service. It's not meant for desktop software but rather as a component of a microservices architecture. This is not uncommon - I know at least one of the FAANGs has something like this internally.

Flagsmith [1] (formerly Bullet Train) is another open source feature-flags-as-a-service software, and they have their own SaaS offering now.

1. https://github.com/Flagsmith/flagsmith