Products, even those useable as a security device, do not a security company or system make.
Paraphrasing there, badly, but I am not a wordsmith. To be considered a security system you need professional bonded monitoring and professional installation.
A DIY system is at best a poor deterrent. Most folks don’t understand camera placement, hardened mounting systems and wired vs wireless systems. In other words when one would use one over the other.
Most insurance companies, mine for instance, don’t give you a discount unless your system includes at a minimum professional monitoring and includes battery and cellular backup.
I could go on but I think I made my point. It would be more disingenuous to call Wyze a security or alarm system.