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The concept of an 'alternate' email alias isn't new. Even iCloud supports it - and combined with the + operator you can already get basically the same result from iCloud. What is new here is that Safari/etc will generate automatic random aliases for you, and allow you to label them somewhat clearly.
So it's kind of the same benefit the password suggestion stuff added a few years ago: Nothing stopped a person from using a really random password and having Safari save it - but it was extra work.
Sure but it only applies to correspondence with a new second party... so meanwhile your other address, the underlying one, is out there already, that's all I'm saying. It's sort of the same thing as a bank saying oh you can let us generate a random account number for a credit card transaction so your actual account number isn't bandied about... true but meanwhile your underlying account number is already out there on all your previous transactions.