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I'd argue that's just a license for 4+ users as the only differentiation is the dollar amount. In fact one of Alex Tran's comments in the github announcement was that they simply capped the price at $100 to keep it from getting too expensive for instances with many users. It's definitely licensing based on users, not servers.
I would be much more comfortable if their licensing language was centered on licensing a self-hosted server, not user amounts. Paying for individual users (IMO) is best done as a hosted service with a monthly fee. They're probably a ways from being able to implement that though.