All of those features could be provided by local compute, either nestled somewhere in the soft and fluffy gross profit margin of a $2,000 product, or with Bluetooth to a "thick" application running on a phone.

The reason this product, and so many other "IoT" products, put their compute across the Internet is to facilitate a business model. The industry has the technology to put as much compute, storage, and reliability on-site with a high-margin, high-cost product like this.