What is the chromebook designed to replace or compete with?
It's designed as a cheap alternative to proper computers, for people who use their computer as a web-browsing appliance. (As such, it's hard not to consider them a spiritual successor to the Amstrad E-m@iler.)
I don't doubt that's what many /most end up being used for, and in the 21st century that's not a bad thing because a 'proper computer' is grossly over-spec'd for that. Case in point : my adult daughter uses hers for Zoom / Teams, Netflix & emails.
However, particularly if you enable the Linux shell they are much more capable. I use mine with a couple of complex spreadsheets (household finances mainly), word processing (I flip between Google docs and OnlyOffice in Linux) and I use it to look after my collection of crap analogue photos, and the associated mountain of crap cameras on it. And, yes, emails, Zoom / Teams. It sits next to my Amateur Radio set up as an SDR monitor when I'm in that frame of mind.
The only Linux programs I regularly use are VLC (the android & Web versions are pants) and KMyMoney.
I see from Another Place that the OP is minded to get one, so it'll be interesting to hear how they get on.