Basically any time someone says "message me when..." there is no conversation when I message them. There is just a contentless phone call or text message. This is filling a communication niche that isn't well supported by the existing methods.
That said, I'm still not willing to install a new app just for that, but that doesn't mean there isn't value there.
I assume that Yo has another plan that they haven't gone public with yet, since "Company that just says Yo raises $1m" is more newsworthy than "Company to solve problem X raises $1m." They'll get people to download the app and then add the new functionality with an automatic update.
"Prank me when you get close and I'll meet you out front."
As it stands, what this app fails to do is establish a channel of communication. If I message a friend on Skype, I know that we're most likely going to converse over Skype. Same with email, SMS, phone call, etc. With Yo, however, they have to choose some method of communication which may not be ideal for me. Furthermore, given that there is zero metadata regarding the "Yo", they have no clue how urgent it is that they get in touch over some real communication channel. The only context that one can have around a Yo would have to be established before-hand (over a medium for real communication).
In fact, since there's no metadata (besides the identity of the sender), Yo is actually less useful than a beeper.
This might be the allure. Its a message without baggage. There's no guilt for failing to say "hey, how are you man?" No shame in saying "yo" and getting on with your life. Because it lacks the ability to "establish a channel of communication," it inherently removes social pressures to extend the communication to a degree one or both parties may not want at the moment.
It's basically begging for you to switch apps after you get the "Yo" push notification. I can't really imagine a conversation which goes like this:
Me: Yo
Them: Yo
Me: Yo
Them: Yo
...
What I can imagine is getting a Yo from someone, switching apps, and being like "what's up? [p.s. dont fucking Yo me anymore. Just message me using a real app.]".
That "wut" app is similar in that you can't have a real conversation with anyone in particular, but it can at least be used for sharing secrets or something. I guess. Yo doesn't have such a use case that I can see.
They could maybe pivot it to act like tinder where if both of the parties yo eachother then it goes to a separate section of the app where they can actually IM eachother. But...idk. That doesn't seem particularly interesting/differentiating either.
I must be naive/short sighted.