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For one, it doesn't work outside the US.
Sounds like their marketing isn’t very good. I could be wrong but I think the main difference is that it’s made for e-commerce specifically, so you don’t use it in-store. It’s a tool banks can offer that makes their traditional payment system more relevant in a time where using a card online is a pain. I’m in bank marketing and I remember reading articles about it the last few years but my institution doesn’t use it, I’m just working from memory.
I get what the difference is, but it feels like the market is already very saturated. Maybe it's just me. There are so many products, mostly from banks, to streamline the shopping process.