Well, it does have an aluminum base, but then there's a layer of PTFE/fiberglass (both insulators) between that and the liquid. It's also still fairly thick when folded, about a quarter of the height of the deployed configuration. I haven't used the collapsible ones (e.g. Sea to summit with the aluminum base and silicone sides), but I'd be curious how these stacked up in terms of space, weight, and efficiency.
I'm also curious how well it seals along the folds. Note that there are holes in the sides to accommodate the snaps that hold it together. Seems like an opportunity to leak if you're actually trying to boil something. (And I'm guessing the advertised volume is to the top of the pot, not to the hole.)