Seems like the committee is only like 3 people, so who knows how that'll go. It's no different then any other open-source ecosystem out there now, it needs to compete with them and gain developers and usable applications. It'll be an entirely new framework from scratch, so why would people pick their product over others? The only thing that remains original is the USENET brand.
It's still alive and kicking under the old framework though. Most ISPs dropped their news servers ages ago but there are still loads of free and subscription providers out there.
I don't know what this committee thinks it can accomplish that the fediverse hasn't already picked up the torch on, but power to them. The less centralized and more diverse the Internet is, the better.
They still have centralization in way though, as in the Big-8 has moderation powers regardless of what server is hosting. Though a server can probably patch that out.
I still think a Usenet like service would be brilliant and it's a shame there isn't a Lemmy-like service that has that.
To clarify, what I mean is decentralised infrastructure (you go onto the news server you want) with shared content (ie the same was that every Usenet post ends up on every Usenet server, if that server carries that newsgroup) - it gives all the advantages of federalisation (don't like your server, just go to another, you lose little or nothing) without the disadvantages of unintuitive discovery and fragmentation.