Interesting! My first thought looking at the scribble chart was "isn't this Monte Carlo simulation?" but reading further it seems more aligned with the "third way" that William Briggs describes in his book Uncertainty[1]. He argues we should focus on direct probability statements about observables over getting lost in parameter estimation or hypothesis testing.
^[1]: https://link.springer.com/book/10.1007/978-3-319-39756-6