https://www.atis.org/sti-ga/resources/docs/shaken-faqs.pdf
As the article mentions, there are some shortcomings. Caller ID spoofing is necessary for some services, as in the VOIP world calls are broken up into termination (dialout) and origination (dialin). If STIR/SHAKEN takes hold, the CID phone number for termination will have to be signed by the origination carrier. It should be fun to watch the carriers handle it. (There are 3 levels of attestation, but that's the gist.)
Bandwidth.com also has a good overview: