TIBCO is very much providing queuing/caching to shuttle data from one point to another.
The goal is even more-so to be the interconnect for all systems across a varied enterprise at a higher level. It's all pub-sub underneath the hood. Think cheap butts in seats doing the same work for a "negligible hit on performance".
In the same way you can plug random devices into outlets around the house all served by some powerplant you don't know (or even need to care about), TIBCO attempts to provide that same interface.
Data does need some restructuring, whether these are aggregations, transformations, etc. So they provide steps in the process where you can perform these operations through a drag and drop UI.
There is an input defined and an output defined in XML that you don't have to code, but is managed and can be seen. The engine beneath provides the lower layers of routing, bytecode, implementation letting you just drag blocks around on a screen "connecting things".
The goal is very pure: I have many people in my organization that know how data flows, not all of them are developers. How can I enable them to connect my organization without everyone needing to be a developer.
In theory and in practice are always the interesting observations. What I had seen happen (as was mentioned somewhere else) is that very strong developers became weak by relying on this tool (or merely left for adequately challenging work). When the world moved on to something else, so much had changed it was almost a career change to get back into development.
They went from understanding Java 3/4, JEE to Java 11, Spring, DI Frameworks....I saw a lot give up or move over to product management roles. This only made the tension between on-premise infrastructure teams and public cloud teams more divisive and toxic. I don't think it's anything uncommon in other areas, just feel like we've reached a full revolution in this particular space (and not the first revolution either).