Insurance companies have been doing this exact same thing for years. Progressive had a huge ad campaign a few years ago around the idea that you can compare your rates between Progressive and other companies instantly- that worked the same way as this tool.
Yes but do you trust Progressive to report rates from their competitors? (I don't. There's so much they could leave out to cause competitor's rates to look worse. Even if they aren't doing that I can't be sure and so don't trust them.)