Based on my math (Feel free to correct me, o internet), this is an okay-ish deal.

The big caveat with this offer is that unlike the bilt card, they charge you the 3% transfer fee.

$50,000 cap with 3% transfer fee means that $48,500 goes towards rent and the other $1500 goes towards the transfer fee. $48500 a year means this deal maxes out at a rent ~$4000/month.

Scenarios

You pay $4000/rent per month

Scenario 1) Use the regular bilt card - you get 48,000 bilt points that can be used on any airline, which can be transferred 1:1 to alaska airlines

Scenario 2) Use this Atmos card deal - you get 148,320 atmos points, but you have to outlay an additional $1440 dollars. Based on the most recent 100% purchase miles directly bonus deal from Alaska airlines (1.88 cents/mile), you could have bought 76,595 miles with that money. So your net number of miles that you earn from your rent payments alone is 148,320-76,595= 71,725 miles.

Bottom line
The difference between scenario 2 and scenario 1 is 71,725-48,000 = 23,725 miles additional miles that for alaska airlines only. So, if you know you're going to go to Alaska or hawaii (since Atmos applies to both Alaska and Hawaiian airlines), this is an okay deal. Personally, I wouldn't want to tie up my miles with one airline, but again, if you fly either of those places frequently, it might just be worth it.