I dunno, but I like it.
I read an interview with one of the devs a while back, and they were discussing this topic. They felt that GTA was such an enormous IP with a huge team and huge resources, that competing directly with them was stupid. I think they felt that GTA does what GTA does, and they needed something to help them stand out from the crowd.
And I love that Saint's Row IV is going to be even crazier.