If I'm reading this correctly, Chrome will route your traffic through its own proxies—and a chosen third party, which you can't decide about. It'll be opt-in for now.
The amount of concerns that this introduces to both individuals and organizations is significant. What will it take before Chrome itself is labeled a PUP? Even with the best of intentions, the browser is taking more and more for Google, leaving less and less for the open web.
https://www.bleepingcomputer.com/news/google/google-chromes-new-ip-protection-will-hide-users-ip-addresses/
https://github.com/GoogleChrome/ip-protection