I think an XCOM shooter could work but from what I saw of that video below what they have looks incredibly boring, though I do like the setting. The aliens however are all wrong. Where's the sectoids?
Instead of trying to BE the XCOM strategy game, they should have gone for a four player CoOp game without a heavy reliance on cover instead of ordering around AI and ruining the flow of a shooter. Let people kit out their characters with whatever skills/weapons/items they want and still have the research stuff if they wish.
Maybe even play up the early 60s setting by having some B-movie monster types like giant spiders too?
I think it would be a fairly mediocre game if it were just a new IP, as it stands with the XCOM branding and going up against the new, real, XCOM game (especially with the "tactical" elements in this) they're going to end up a lot worse off for it.