Its plausible speculation.
They are looking at what space is, and how many dimensions may be required to model it. The type of Hilbert space and the number of dimensions they require are not yet decided, except that they think there should be finite dimensions in the Hilbert space.
Space time dimensions likely only give an approximation to reality, and what we observe may just be a reflection, like shadows on a wall
It is also interesting that Herman Verlinde, is working on this along with Sean Carrol. Hermin Verlinde being the identical twin of Eric Verlinde who is largely responsible for Emergent gravity.
Given that it appears that gravity, space and time MAY emerge from entanglement effects. We might be getting a sniff of a TOE.
From a laymans perspective:) Not involving slide rules
During the inflationary stage of the current universe when space expanded above the speed of light virtual particle pairs were separated and became real decaying to stable particles losing lots of heat/radiation in the process. This lead to the Hot big bang which was slowed due to mass and gravity emerging from an emergent space. Now that galaxies are getting separated the expansion of the universe is accelerating and gravitational entropy is reducing. Who knows perhaps Penroses speculation that we exist in an Aeon might lead to another inflationary stage and another big bang.