One way to view this is that they are formalising how password managers should work; integrated in the browser / device, and use public key certificates for log

One way to view this is that they are formalising how password managers should work; integrated in the browser / device, and use public key certificates for logins instead of username / password. There are of course side issues such as big vs small players, privacy, security etc, but that's not the major thing about this.