I've seen this on the 'American shelf' in supermarkets before and was tempted by it as a novelty. I just looked at the Wikipedia and its just processed cheese extruded by a piston. Europeans buy processed cheese too, you get it in every supermarket. And maybe the smelting salts (is it called that?) are not too healthy when constantly consumed, but what isn't? I don't mind, let people have fun, stuff's hard enough as it is.
I agree with your sentiment, and I haven't had it for probably like 20 years, but it's nasty. As an American, I don't understand it. I won't tell anyone they shouldn't eat it (except for pointing out how much salt it has in it), but it really shouldn't exist I don't think. There are better ways to eat unhealthy things.
Same the Americans love their cheese is a bit like saying that the French love baguettes.
They do love their baguettes but they don't have much interest in any other type of bread. Equally Americans are not interested in any type of cheese that isn't neon yellow