Will The Recently Announced M365 NativeBackups replace Third Party Backup like Veeam, Rubrik etc. ?

The initial content available on recently announced M365 Backup ( or M365 Syntex Backup ) sounds reasonably complete. Microsoft has opened partnership with third party backup providers like Veeam, AvePoint, Rubric etc to leverage the APIs for M365 Backup solution and build an add-on intelligent solution. 

With this announcement, will the relevance of third party backups for M365 go away ?

What value addition third party backup services like Veeam, Rubrik etc. can provide that the M365 Native Backup cannot ?