This is, frighteningly, entirely on point. All cryptos other than Bitcoin were dead from the starting gate. This is FB disrupting crypto (with something that isn't crypto) and taking fintech away from banks and PayPal in one fell swoop. Merchants and advertisers will be falling all over themselves to encourage Libra payments because they will come with a whole slew of personal data about the consumer that the average payment card can only scrape together in a poor imitation.
None of this is good news for consumers, but it is an interesting move for FB.