It’s specifically for emulating this mobile game on PC: https://en.wikipedia.org/wiki/Honor_of_Kings
Probably the all time top grossing videogame. Tencent bought Riot and told them to make mobile LoL, were told no, and so made their own. There are now upcoming (official) LoL and Pokemon flavoured spinoffs.
The arcade panel matches the onscreen touch controls to simulate them in software. The button-stick tops are capacitive, detecting when you’re using them. The big Pop’n style attack button is lit up with an LED.
It retails for about $15 USD.