If you squint a bit it's sort of like an Airflow that can run on AWS Step Functions.
Step Functions sort of gives you fully serverless orchestration, which feels like a thing that should exist. But the process for authoring them is very cumbersome - they are crying out for a nice language level library i.e. for Python something that creates steps via decorator syntax.
And it looks like Metaflow basically provides that (as well as for other backends).
The main thing holding me back is lack of ecosystem. A big chunk of what I want to run on an orchestrator are things like dbt and dlt jobs, both of which have strong integrations for both Airflow and Dagster. Whereas Metaflow feels like not really on the radar, not widely used.
Possibly I have got the wrong end of the stick a bit because Metaflow also provides an Airflow backend, which I sort of wonder in that case why bother with Metaflow?