I think it is a new attempt at AMP? AMP 2.0?
But I also think this one will be killed in a few years. A big point with stories is to have you publish them to the friends _who care_ in a network. A social network.
A user googling to get to a website isn't the same kind of user. That's not the user who wants to engage with you on a more personal level: that user would instead befriend you on Instagram. The googling user is likely rather after information, contact details or the like.
So I think Google will be a victim of the "distanced" users of theirs here. Google has users googling things with a purpose, whether it's a recipe, a review or to shop things. They aren't looking for feeds there -- they already have (too?) many ways to get that. They want distilled information. You know, what Google's search engine is designed to get. What they built their brand on: finding information fast.
I think people are moving away from the "generic web" to engage on a personal level, not towards it, because a smartphone's social network app is more intimate. But sure, if the price is right, I guess some might adopt this, if not only as sort of a SEO tool. But I think the value as a product won't even be on the same chart as what stories provide social networks.
Personally, I think stories are a terrible format to engage with users in the way Google aims for here, actually trying to take this format seriously and not just memes and simple ad hoc stuff. Just look at VICE's example here: https://www.vice.com/stories/inside-my-mind-oliver-tree/ What in heaven's name? Multiple clicks about god knows what just to finally get more of it in my mail?