Watched some reviews and read a couple here and there but still don't get the appeal.
First time I heard about it my first impression was some kind of Once Upon A Time with dice. But this game has no tension. There's no win or lose. Absolutely nothing except thumb sucking. Why not just sit around a table and make-up stories?
Our group loves Once Upon A Time. Some crazy stuff happening because everyone is trying to play out there card. There is actual tension.
This game seems like a silly pastime for small kids.
Am I missing something?
You're not missing anything. It is a toolbox for making up stories. In a similar vein to Rory's Story Cubes. There is no winner or loser. It is a creative exercise for a group of storytellers - not a "game" in the sense that we commonly use that word on this site.
I would hesitate at calling it a silly pastime. It's very clever and well constructed; is creative writing a silly pastime? Or improvisational theatre and storytelling? I would also say that it works just as well for an adult group of storytellers as it does for kids.