I jumped through the video, and from what I saw it is correct. I actually worked for Geico as an adjuster for a while, and they were huge on repairing bumper covers (It had to be totally destroyed for us to replace it). Broken tabs are easily repairable, as are cracks like that.
It will still be costly to repair it, you have to R&R it plus clearcoat the entire thing (which is never as flexible as factory and it will spiderweb and crack with even the slightest of movement). You mentioned it is pearl white, if it is a triple stage paint that just adds to the refinish cost.
Honestly though, those low covers always get torn up. Pull too far into a parking space, and it is going to get scraped up. The crack won't get any worse, unless it comes into contact with another object.