I think the practical appeal of the bracelet kit is that there is no need of a bulky useless box (i.e. Altoids) rattling in the pocket (I doubt you want all of these things riding lose there) or any pockets at all for that (consider strolling on the beach situation).
I'm going to disagree with that. I think the attractiveness of the "survival bracelet" is that it's always on your person regardless of how you're dressed. Depending on your level of modesty (the strolling on the beach scenario), the bracelet may be the only usable storage option.
That being said, I still thing that they're mainly survival bling, and that a wrist or neck pouch is a better alternative for carrying last ditch gear.