I think that kid's got something there, and that we will see it on products in the future. I don't think the "air bag" is the patentable feature, but it may be part of a system. Certainly, there's prior art on the bag concept, albeit maybe without patent protection.
Notably, it appears his patentable valve (which appears to be a flap, or flutter, valve to contain air in the bag, looks to be made of the same materials as the sleeping pad. His current set up is too heavy for backpacking, but that's now. It looks suitable for car-camping gear, and for "Walmart quality" gear already -- and I see a huge market for that speed and simplicity in car camping gear and Chinese speed-manufactured stuff.
The beauty of that valve is that he doesn't have to fill a huge tunnel and then squeeze it in to inflate, but only that short section. Very cool.