Reading the article it was also done in Slovakia after a mass testing drive. If we were testing everyone regularly then this might be part of it but for as long as you are only allowed to get a test if you have one of 3 symptoms when we know a huge percentage are asymptomatic, that means hardly anyone would get the chance to get a wristband. And they would have to expire after a day or two as you could catch it straight after. Add to that the fact that it takes at least 2r hrs but often much longer to get a result and they would be saying " congratulations you were negative when tested and therefore eligible for a band unfortunately the validity period of the band has expired while we failed to process your results, better luck next time!"
Only way I could see it working is if there was universal frequent testing with a reliable instant test and the negatives from that had a very short limited bracelet opportunity to do something extra.