I agree, we shouldn't reinvent the wheel but it applies to "host of repositories" too :). There are already existing solutions so why spend time to build another one? Also when someone builds a product which does and look the same as another and even the name is very similar, it reminds me the Adidos(http://bit.ly/1aRN2IN) shoes.
My point is at least make a different UI and choose a name which closes out confusion.
I know there are other solutions like Gitlab, but from what people are saying here, it is harder to setup & maintain, so I do not feel that this particular product does not bring something new.
Maybe create an open source GitHub/Bitbucket UI that people can use in their projects?