The benefits of the browser API are that it is free, you have to pay for any of those APIs to use them directly, and you don't have to handle the streaming connection to the API, the browser does it for you.
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I really hope this becomes a thing detached from the browser, this would be a cool thing to have as an api you can plug an play anywher e you want it
Behind this browser API is the Google Cloud Speech API and there are plenty of other speech to text APIs available, like Amazon Transcribe, IBM Watson Speech to Text and Azure Speech-to-Text that you can use in any application to achieve this. For example, here's a blog post on how to use the Google Cloud Speech API to live translate a Twilio phone call.
The benefits of the browser API are that it is free, you have to pay for any of those APIs to use them directly, and you don't have to handle the streaming connection to the API, the browser does it for you.