This seems likely a partnership between Google and Hashicorp, from what I understand most GCP integrations like redis are actually partnerships rather than just running the OSS independently. Potential license and trademark implications seems like it would be a particularly bad time to try the latter with Terraform.

As others have mentioned, this is not all that useful of a service - it doesn't seem to even have the concept of a "plan" let alone any approval system and seems to only allow for the most basic of workflows. Given that TF by default will store state in a bucket with true locking, I can't come up with any potential benefit this provides vs using Terraform directly.

The main question is whether this will be improved in the future or is intentionally just "Terraform Trial Edition" with terms of partnership preventing anything encroaching on Terraform Cloud. Perhaps for the former, the trial is important to understand usage to better inform revenue sharing for a future improved product.