I like this for a couple of reasons.

Most of the logic is done outside of the PIC. The latching of one till the other is triggered and re-setting when the second is triggered seems like some code load would be taken from the PIC.

A one PIC pin solution. Often we find that more I/Os are needed, leading to multiple PICs or larger PICs just for a pin or two. Off the top I would probably use two PIC pins if I were doing this PIC only.

Many ways to do anything. This project is a good reminder that a MCU is not always needed or can be complimented with external circuitry.

Now if I could just remember how to make LEDs blink without a MCU