What do you think of Copper’s name field solution?

I am have been searching across several CRMs and I have not come across anyone who does the single name field as Copper does. I think it is brilliant and it can solve a situation in a design I am currently working on. There are no reviews (that I have seen) for this implementation. What does the UX community think here? Benefits vs drawbacks.

enter image description here revised Copper's solution

Playing around to see about the label. What do you think now?

https://i.stack.imgur.com/36scy.jpg