It is competitive, but I don't see it getting a significant amount of usage. It's been around for awhile and we never really saw it competitively. This rebranding/marketing push may move the needle on awareness, but they take a pretty rigid approach to how you define your builds which will turn people off I think. It's hard to use for common tasks.
Full details, as well as links to the demo and sample code are on the GitLab blog.