"Backup Sensors" is a title, not the only possible one, but one that explains what they are capable of doing. Compared to many similar products that use the words "Park" or "Parking" in the title.
I have yet to find even a factory-installed product that does not give you a continuous tone, or other form of notification when you are still as much as 12 inches away. Most people can judge that distance, it would be the last 2 inches you would like to know about, and that is not possible.
However, Backup Sensors are still a cost-saving product and possibly life saving. At their finest, you put your vehicle in reverse and a tone sounds, yet even in your rear-view mirror you see nothing behind you. Upon getting out you find the offending fire hydrant, short stone wall, tricycle, etc. Most of today's bumpers are painted, they dent and scratch easily. A Backup Sensing System can prevent unwanted costs and inconveniences.
The grimmest detail to have to write, is a reminder to the number of small children that are accidentally backed over every year. Backup Sensors that help avoid this once, is worth a lifetime of gratefulness.
Backup Sensors do have one benefit over cameras. If there is an obstacle behind you, you will hear a tone. You may not be looking at a video screen.
Systems range from $800-$1,200 installed.