Many microcontrollers, especially higher-end ones, have built-in dedicated hardware, called peripherals[1], to handle complex and/or high-speed interfaces like Ethernet.
The Pico does not have an Ethernet peripheral, so this project relies on bit-banging[2], a brute-force approach to IO. However, the Pico does have the PIO[3], which is a general-purpose IO peripheral, so it's not pure bit-banging in the traditional sense.
While it's cute, it's not super remarkable. People have done bit-banged HDMI[4] on the Pico for example. However, Ethernet access can be very useful in a Pico project.
[1]: https://electronicguidebook.com/what-are-microcontroller-per...
[2]: https://en.wikipedia.org/wiki/Bit_banging
[3]: https://hackspace.raspberrypi.com/articles/what-is-programma...