Looking at the background of the current residents, I'd it looks more similar to a postdoctoral research position. Not sure whether it's intentional or a byproduct of the high degree of competition, but one likely needs Masters or PhD to get in.

But comparing these program with my current postdoc position (and grad school): The experience in these AI residency programs is probably more practical and less academic, and it probably pays more.

If you're a top-notch candidate coming out of college, I'd say why not try applying? You can always get a Masters degree and try applying again :)