I've been working on Homebrew for 16 years and leading it for some proportion of that and this all "smells" like a more sustainable long-term solution than anything we've seen happen in the last year. Some proposals sounded nicer but were not going to be acceptable to one or more sides.
Ruby already provides a vendored version of RubyGems and (more recently) Bundler so this seems appropriate. It also separates the "running a web service" which has guaranteed hosting costs, requires on-call, etc. from "running an open source CLI/library" which has no guaranteed costs.
It will be interesting to see what the Gem.coop folks do now (disclaimer: I helped them with their governance process). If there's some competition for rubygems.org as a server implementation that feels like a good thing for the community overall.
Good luck to all involved on all sides.