I really hope Cloudflare is ready and willing to stand by this thing for the next 20 years, and drive it as a first class product with a huge open source team. Because short of that you can just add this to the mile-long list of "successors to WordPress" we've been through over the decades. Maybe they're in it for the long haul. We'll see. But it takes time, and mountains of integrations and acceptance into the wider web authoring ecosystem for anything like this to gain real adoption.
One thing that makes it different this time is that coding agents will probably make it easy to port the most important plugins to the new system.
Also, there are successful alternatives to Wordpress too, so the most likely outcome is that it becomes yet another alternative.