This is a brilliant move by Microsoft which will finally do significant damage to Google's search dominance. They've tried everything else to crack that nut but there is just too much inertia behind Googling something. In my opinion, this changes the game completely and puts an already distrusted Google back on their heels. I can see it being the thing that finally undercuts that inertia and has people asking themselves if they really want more links to shitty SEO blogs on topic X.
If Google fails to filter out shitty SEO blogs on topic X, how is ChatGPT going to do the same? Changing the results format from a list of links to a paragragh of natural language doesn't alter the content.
Why would the content matter? People Google things because that's all they know how to do, not because the results are amazing. A new way of searching could be novel enough to get people to try, well, a new way of searching.