All the newer homes being built in my area are insulated in much the same manner.
In my 1948 home, I just finished installing what the manufacturer has labeled as 'Foundation Blanket'.
Mine came in a 100' roll and the insulation was 4' wide (high?) The vapor barrier has a 12" apron (skirt?) at the top that is stapled over the rim joist cavity.
At the bottom is a steel strap. I drilled holes in this and screwed it to the foundation.
In the area where I have my office/computer room, I framed up a stud wall in front of the blanket, to mount the drywall and mount the utility outlets.