I would say that yes, if a project is on github (or any other openly accessible platform) it greatly adds to the credibility of said project. Just like papers that are early-released on arvix it allows me to form an opinion about it and more importantly allows more intelligent people than me to read the code and draw conclusions which I can then lean on.

So in other words...what's the downside of publishing on arvix? You can also send it to a peer reviewed journal.