It's not you -- there are a lot of great choices nowadays in the naked category, probably to appeal to new and returning riders. Yes, kudos to Ducati, Triumph, Moto Guzzi, et al, for bringing us some honest motorcycles. Sport-tourers and choppers are passé, ADV and urban naked is the style now.
I think a crop of smaller displacement, naked bikes is great for motorcycling. This looks like a ton of fun, but here in the US, I'd probably still go with its bigger displacement brother - in Icon trim, its only a grand more. In Europe and other places where the payback of this bike is big because of displacement taxes and expensive gas, this thing is a no brainer for those inclined towards an entry level Ducati or a Scrambler. Fun!
Our friends in the EU are restricted from riding motorcycles over 35Kw (about 47 hp) until they turn 18 (or 19 in some countries). This is why many manufacturers offer bikes with reduced displacement or restricted power in that market, like Ducati with its 400 Scrambler. From what I've read, the bike doesn't cost much less to produce than its 800cc brother, but it allows those holding an A2 license to buy their way into the Ducati family. And yes, to your point, insurance and taxes are cheaper too.
Funny, I was reading this only weighs 6 pounds less than the 800.