My phone actually has a programmable SOS button that sends out an SMS with the exact coordinates to an emergency number of your choice. I've never put a number in it...
As for the app in the story - it strikes me as a bizarre usage model to assume that a stranded rider will be able to pinpoint themselves on a map, with or without GPS, then access an app to convert it to the three words to give, by speech, to the emergency services., rather than creating an app that just finds the real GPS-based coordinates and sends them out for you.
It strikes me as weird too, particularly seeing as the emergency services have been using triangulation for decades now, and other 'find my phone' apps have been going for years. Such an app even featured in a recent UK soap opera storyline.
Green Flag used triangulation to locate my car when I had a blow out on the motorway in a thunder storm back in 2002. Having said that, we were on a tour on Monday through Therisso gorge in northern Crete when the vehicle broke down. A replacement vehicle arrived within 5mins, but the guide told my OH that we were lucky because we'd only just reached an area where there was a phone signal again after 12km without signal.
That's really very unreliable in remote areas (this was aimed at horse riders, remember) where you may only be in range of a single mast - even two isn't good enough to find you if you're in a sheltered location. In the mountains it's even worse.
GPS, on the other hand, is much more reliable in mountain areas, very rarely, IME, getting confused by reflected signals such as can easily happen in a city. Many phones now also use the Russian satellites as well as the US ones, so it's not unusual to have 15 or more in view at any one time.
I think the idea isn't terrible but I'm not sure how well it will catch on. They're working on multiple languages, but even English speakers don't say the same word the same way. Tomayto, tomahto for example.
As Ace1 says, when you have an emergency are you going to be able to say whatever words you're supposed to say, in the right order? Most of the words are in English. If I'm Japanese, traveling in France, am I supposed to say Japanese words or French words?
Aside from this new app, the company has been trying to partner with countries that don't currently have an addressing system (or have a poor system) to deliver the mail. Instead of 123 Main St, your address might be something like "apple.pear.pie".
Not sure how much this might be used in Switzerland, but for people riding, cycling off road, hiking, walking, etc, it may help the rescue services find you much more quickly.