At least you can START it. I downloaded 6+ GB just to run an app that shuts down after a minute.
And yes, I have a good GPU with 10 GB RAM - on a 32 gig system.
UPDATE: It started at some point when I had 12 GB of physical RAM free in Windows. But quickly crashed.
This game is a fucking unoptimized mess. And that is a REALLY bad way to start a project.
BTW this is not a beta. This is an alpha. A beta has a versioning code of at least 0.8 or so.
I'll agree with the game being a buggy Unreal proof-of-concept pre-alpha, but the last part of your post isn't technically correct, version numbers can really mean anything, there's no rules in that field.
When I made my text game, I went with vXX.YY.ZZ, whereas X is reserved for when I officially complete the game, Y is for major updates, and Z is for little dinky bugfixes and whatever.
Some people use "v.YEAR.MONTH.DAY", or just increment a number plainly forever, so it could end up as "v.0.14404.5" or whatever.
Even the "pre-alpha/alpha/beta/whatever" naming is pretty up in the air, but at least that one tends to have some guidelines that some people follow:
Pre-alpha (basically this game)= it's barely a game, there's placeholders everywhere, debug rooms, missing AI, free debug chests full of free stuff, free Unity Store assets everywhere, NPCs that are literal cubes that have "SHOP" written on them, missing animations, endless voids, likely only a few minutes of playtime, the game is just there to test some stuff and that's all, and there's no effort from the dev to hide the fact it's unfinished.
Alpha= There's a "game" with places to go and things to do, but it's still full of placeholders and missing content. There's no polish, the game isn't optimized. NPCs might be in, but they would be missing voices, or they're all still just the same NPC copied a million times. Whole mechanics are still missing from the game, but at least there's enough here that you can still play it, like an ARPG that's only got 3/5 characters implemented, or 2/8 acts. Alphas can also still have known game-breaking bugs that need fixing.
Beta=
Everything is in the game now (at least everything planned to be IN the actual game's release), but nothing's balanced, there's still plenty of bugs, and the game still needs optimization. There might still be some other polishing, like some textures that need replacing, or minor NPCs that still need voice acting, but nothing too major, no huge undertakings left to do. Here is also a point when devs who are in a rush can probably get away with releasing it like this, as long as they don't wait too long for all the final polishing work.
Release= The game is released publicly, has no obvious markers saying "UNDER DEVELOPMENT" or whatever, and the dev can freely abandon the game, or start working on updates or DLC.