Of course this isn't a cost-saving approach, it's real goal is maximum convenience and flexibility. Let's say I want "eyes" on a particular location ASAP, but I don't have any "birds" on a good trajectory for several hours to come. This would allow me to put a satellite precisely on target in under an hour.
And if they can add a miniature projectile launcher into the same 100lb package, they've basically got a global "kill switch" for a limited range of targets. You wouldn't need more than a few pounds of depleted uranium, shaped into a steerable "bolt" and packed with some high explosive, and the necessary thrust could probably be provided by a simple spring mechanism, just like a crossbow.
With a 100lb mass budget, you could probably even allow enough propellant to get the bird back over the same spot (or near enough to shoot at it) on the very next orbit. Say the satellite costs a $mil, plus another $mil for the launch... that's cheaper, per shot, than some of the ordnance already in service. Or, if you don't mind launching two in rapid succession, you can use the first one as spotter and the second one as sniper.