Epic isn't trying to directly make players' lives better via competition; they're trying to make devs lives better via competition. Their main differentiator there is taking a significantly lower cut of revenue, as well as funding the devs in exchange for exclusivity or timed exclusivity.

I understand the vitriol from many gamers: the Epic Store is a worse experience as a consumer than Steam. But I think that a more-viable funding model for game development is pretty significant: there are plenty of games that just barely eke out enough to keep studios alive/independent, or that almost do but then result in the studio closing or being sold to a megacorp like EA. A 30% cut for what was effectively a hosting and payments processing service was ridiculous, monopolistic behavior, and needed to be shaken up. As such I support Epic's move into the store space: more money for devs means more, and more interesting, games getting made.

Realistically, exclusive deals were the only way Epic could've made that work. For most people, if they could buy a game on Steam, they would, rather than using yet another launcher, and that fact means that Steam would still have most of their monopoly intact. Multiple launchers (and fewer features) is annoying but IMO worth it to get Steam to give a bigger cut to devs (which they immediately started doing after the Epic Store launched, although the Epic Store is still often a better deal for devs).