AMD is pushing HBM, metal APIs, chiplets, HSA, etc etc. Intel's got to do something innovative right?
Dell, HP, and presumably other major OEMs have been doing proprietary versions of this for years. Finally producing a standard version instead of every OEM doing it's own proprietary non-sense while everyone else is stuck with a fat 24 wire cable full of mostly useless wires is a step forward even if it's not quite my preferred design.
If I was designing the ATX v.next spec I'd've probably gone with a 12 wire cable instead of 9 adding 1x5v 1x3.3v and a 4th ground, or possibly a10 wire one adding a 3.3v and making the 5v one do both normal and standby power. I liked the 12 wire setup better because it's similar enough to the existing spec that you could mix old/new parts with an passive adapter plug (combining the 2 5v rails would require some electronics in the plug to keep expected behavior on both sides). Mostly I wanted to keep the 3.3/5v on the PSU side because I trust the PSU vendors to use quality high efficiency parts for the 3.3/5v hardware because they're rated on DC efficiency for 80+ and most reviewers hook up oscilloscopes to monitor voltage stability. OTOH for mobo vendors the new DC-DC converters are an extra cost item, and I suspect many of them will cheap out with low efficiency junk that only just meets minimum ATX voltage regulation to save a few pennies.