I thought this was a toy, but I was wrong. The Pocket Shot is an inventive reimagining of the slingshot, replacing the Y-shaped handle with a ring, and replacing the sling with a sort of latex sock. And good golly this thing looks dangerous, particularly with the steel shot they use in some of their videos.
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The advantage of the sock-type arrangement appears to be greater reloading speed vs. a regular slingshot. (I’m not a slingshot user so I’m not sure why you’d need rapid-fire, but what do I know.)
They even make a speedloader for the thing. It holds the shot in a rotating ring around the mouth, and drops in a fresh shot with a click:
Oh, and they also make a version that fires arrows:
But yeah, if I had kids I’d be keeping them well away from this thing!