The CHERI memory-protection features allow historically memory-unsafe programming languages such as C and C++ to be adapted to provide strong, compatible, and efficient protection against many currently widely exploited vulnerabilities.
These features enable new software constructs that are incrementally deployable within existing software ecosystems.
So while it's possible to add CHERI to existing projects, to get the full benefits they decided they needed to go all-in, hence CHERIoT.
[1]: https://www.cl.cam.ac.uk/research/security/ctsrd/cheri/