It might be a small moonshot experiment to see if they can come with a sensible, modern OS.
It might also be the designated successor for Android/Chrome OS, and the future of the Google ecosystem.
Conceptually, Fuchsia is interesting. It's built on a microkernel (Zirkon) and a capabilities based system. Drivers are isolated elf binaries with a stable ABI, other normally privileged things like file systems are also isolated services.
On one hand, I find it promising as a application platform, both for mobile devices and desktops: while Linux sandboxing capabilities are evolving (cgroups , namespaces, ...) , very little of the ecosystem is built around isolation as a primary concept, leading to all kinds of half-baked sandboxing and permission solutions: chroot, Flatpack, firejail, SELinux, (Docker, mentioned hesitantly since it's mainly for server environments)... All of which are somewhat tacked on an hard to use properly.
So a clean sheet design might be the best viable (practical) path.
On the other hand:
* this throws away decades of work on Linux
* many drivers will be closed source; open drivers are a major achievement of Linux
* Linux is a very collaborative effort with many stakeholders, while Google is known for keeping a very firm grip on their projects
Curios to hear other thoughts on this.