Yes RCS is a pig with lipstick. Invented by the carriers to recoup some control over instant messaging, then abandoned and picked up by Google for the same reason. They're the ones that added encryption to it.
It was always meant to be a walled garden. Exactly what an open system shouldn't be.
RCS is important because it provides end-to-end encryption (E2EE) for contacts with Google Messages and iOS. That means having E2EE for the vast majority of smartphone users since Google Messages is the standard GMS Android carrier-based messaging app.
https://news.ycombinator.com/item?id=49593026