SIM cards have always been secure elements that the provider trusts. With an eSIM, you can already own that secure element and the provider can provision it with their application. You can even have the applications from multiple providers on the same physical secure element.
The major advantage is now that the expensive and time-consuming part of provisioning a new mobile service (sending out a physical SIM card) can be replaced with a few standardized API calls. This is cheaper (which makes the extra cost some providers charge for an eSIM look quite silly) and a lot quicker, which enables new business models for short-lived cell connection services.
A world where all cell service providers offered eSIMs would be slightly nicer. But manufacturers removing the option of swapping the secure element is very annoying at the same time.