It's definitely a start to a response, and a definite nudge in Disney's view towards eyeing ambition. I don't think aside from the actual parks themselves that there's an individual attraction with specific story elements, themed rafts, show pieces and such in their water parks. The presentation is all there, even if the slide is milder than some expected.
Still, this is a family raft slide given elements to allow it to resemble a Disney attraction. There's a themed queue, a story, connection to SEA, a themed safety spiel, landscaped brooks in the load/unload, a themed lift hill, an AA and themed pieces along the slide. Like you said, this gives further credence to the possible use of MM+ in the future as the line feels already set up for it. In addition, it blurs the line of what is a "water park" and what entails a "water theme park", much like Krakatau Aqua Coaster will be. I could very much see a similar addition to BB next year.
This is great for small children and their parents, and is a solid representation for Disney on the water park front. VB and their own Pandora will sweep the attention away but that's fine. It exceeded my expectations with a really nice AA and queue, so I'm satisfied. Good for TL.
(Shark Reef getting the Epcot shaft treatment less so)