Good news for folks looking to degoogle their phones, this should help open-source Google Maps alternatives.
Straight from their FAQ on the relationship with OSM:
What is the relationship between Overture and OpenStreetMap?
Overture is a data-centric map project, not a community of individual map editors. Therefore, Overture is intended to be complementary to OSM. We combine OSM with other sources to produce new open map data sets. Overture data will be available for use by the OpenStreetMap community under compatible open data licenses. Overture members are encouraged to contribute to OSM directly.
Thought so too as it is a data project, but one direct consequence would be better data quality for FOSS map apps on Android since most of them depend on OSM at the moment.