The comparisons are inevitable. However, they are specifically using the Disney After Hours brand because it was a known, established quantity prior to COVID.
DAH started in late 2018 as a way offer a very limited # of people access to the top attractions for three hours, while throwing in some free sodas, popcorn and mickey bars. I believe they had them at all parks except Epcot. Personally I attended all of them and found the MK one to be a crappy value (mostly because they let too many people in and most rides 20-30 minute waits, which is obviously smaller than normal waits but it was really sold as a "walk on" type event), but the others to be an excellent value.
Mercifully they fixed one of the big issues with the DAH events with Boo Bash. Previously the events started the minute the park closed. This was terrible as most attractions would still have long waits full of day guests, so it really ate into your time. Now there's a 30 minute window before the party officially starts.
As someone else mentioned, they used to have these events but called them "E-Ride Nights," at the Magic Kingdom for resort guests only. It cost an insanely low sum (even for the time), of $14, and just about everything in MK was a total walk-on. However, this was back in the era when the parks were open until 11PM/12AM every night, so the e-ride nights would often go until 2 or 3am.
However the price comparisons to DAH vs E-Ride are not entirely accurate - DAH gives you access into the park you're visiting starting at 7PM. E-Ride nights just extended the hours for you, once you were inside the park. So the fact they're throwing admission for 5 hours definitely adds some value, for those who are not APs
