Surprising that this feature is not well known in the American car world. It's pretty common for any car that has cruise control as well in Europe. It's not really anything to do with cruise control but it's basically a speed limiter : you are still in control and in charge of the speed through the pedal, the system will just limit your max speed to whatever you have it set. In dense but still fluid traffic it's a great feature to have. Standard cruise control wouldn't work since in such conditions obviously but adaptive cruise control is also problematic since you want to let the gap open and close dynamically on patterns around you, not just on the distance to your front runner. For example if a car on a different lane is signalling that it wants to merge you may want to let the gap open up to give them room. It's much easier to control those dynamics with the pedal than through a stalk or anything. But at the same time, the speed limiter will prevent you from getting caught up once the road is a bit clearer and you accelerate towards the next bunch of cars and going over the limit.
Now that I think of it, I can see how this feature may not be that usefull in US traffic where it is much less common to see these kind of merging patterns since it is ok to overtake on the right. But in European traffic it certainly is.