It doesn't have to be 'bad' to be rejected, it's just that it has to be a premium item, of a high standard, which is reasonably unique and commercially viable. Many average, reasonable and even good items can be rejected... so you want to be aiming for very good or exceptional.
The issue I have with it is that it's not really a logo animation. Sure, it is in a way, but if you remove the coloured orb, what are you left with? Just a static logo going from 0 to 100% opacity, with a small change in position at the end. In my personal opinion, I feel that's not quite enough to get approved... I think there has to be some kind of impressive animation to the logo itself, rather than just adding a nice design element over the top. Others may feel differently, but that's the way I see it.