I have plenty of cordage, so I won’t be rushing to try this, but I thought it was a really clever idea. For doing basketry and the like especially. And sadly, given how many plastic bottles can be found, even far from “civilization”, in an emergency perhaps you could make some cordage from them.
This video shows the process and some of the imaginative things they do with the resultant cordage. (It’s in Russian, but you’ll get the gist of it.)
This link shows two devices, and a ways down is the device used in the above video. I gather it can be ordered from Brazil, but the DIY inclined could likely fashion one.
And an Instructable link with a more low tech approach.