Let's see, it's a low profile extension of the vehicle, that is dependent entirely on the hitch pin for attachment to the vehicle and has no provisions for safety chains (at least in any versions I've seen), takes weight off the front tires, has no or crappy design for securing stuff to the platform (How am I meant to attach tie downs, as there don't appear to be any places other than to the non-structural expanded metal floor where they wouldn't slip), has generally crappy reflective tape (in three small patches, rather than a contiguous strip which would still be inferior to actual molded reflectors or lights, and nothing from side on.
Overall, if it's overloaded, it reduces steering authority and can more easily come lose than a standard trailer. Unlike a plated trailer, there is no inspection required even initially, for quality. It's easy to load with loose cargo that can be catapulted into the roadway, since there's no good way to secure the cargo from what I can see. It has poor visibility from all aspects, but especially from side on.
Is it a worse risk than half the crap on the road, or the idiots who load their pickups full of junk without tying it down? No. Is it worse than the folks making a lumberyard trip with boards running out the passenger window like they're trying to fucking joust? No. But it presents hazards above and beyond a standard vehicle. All of those can be resolved with additional work and parts, excepting the taking weight off the front tires, which is an inherent part of towing, and you just have to respect the maximum tongue weight rating of your vehicle as the absolute maximum cargo weight inclusive of the rack.
Because the tongue weight is measured at the ball of the hitch, which is usually ~6"-1' behind the hitch receiver, any weight past that point has an additional lever arm, and that 4-runner pictured has a maximum tongue weight rating of 500#s from a casual search, so the prudent weight you should put in that rack is probably less than 200#, inclusive of the rack itself.