Yes, I do wonder what took them so long. Peloton has been eating into their business for many years and now that all those former Soulcyclers have bought $2K bikes it will be near impossible to get them back.
So far it looks more expensive and I can't imagine the content they'll launch with will be anywhere close to Peloton. For people who like to ride in studio and at home there could be some interesting monthly packages there (e.g. $100/month unlimited home rides and X studio rides/month) but I think most people will be avoiding studio rides for the time being due to coronavirus. Hopefully that changes soon.