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"However I feel that developing completely separate native versions of the same app with zero overlap in code isn't smart either."

I don't see why. They're different platforms; you're going to want people who are experts on the platform working on it, not someone who is only doing the other platform because the boss said they need it.

I would take native teams for both platforms over one team doing a hybrid thing any day.

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While a fully native solution from two teams would probably be better comparatively, it's also the most expensive. If you have something like react where you can share the common business logic and then drop down into native components when required to use features that haven't been exposed to react it's probably a net win. I haven't done much react native coding but it's certainly an interesting value proposition for smaller shops that can't afford to have two completely separate app development teams.

Well, sharing business logic can reduce # of bugs and keep behavior consistent between platforms.

That being said, actually shipping the same code on both platforms has its own costs and considerations.

Most of that logic is usually on a web server somewhere, so it's already being shared.

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