I really am at a loss to think of something that email as a standard (and SMTP as a protocol) is lacking that requires a replacement.
There are a lot of things that I would like from an email client, but almost all of that can be done over IMAP using an MUA, and that would allow interoperability with literally every other email server out there, no matter how old the software is.
Replacing e-mail (and/or SMTP) as we know it would be a change on the order of magnitude of IPv4 → IPv6, in terms of how disruptive it would be to daily operations and how much extra work it would require just to handle the changeover seamlessly.
Unfortunately they don't go into too much detail with what they hope to do[0], so I'm left with no understanding of what they want to do that's so advanced that it requires a new standard altogether.
[0] At first glance, everything they talk about can be done using IMAP and makes more sense to implement client-side than server-side/embedded into the protocol.