The odds that France will provide a competing offering is pretty high, because, in this day and age, and with AI, it's fairly straightforward to do so. The problem is adoption, do you think people in the USA or elsewhere will install it? Does that mean that only French companies and the French will be able to talk to eachother? Seems somewhat limiting and will limit business expansion.
Will the French government embed spyware in it, they can, since they'll be sponsoring this initiative, they've been intending to do with whatsapp and all the other messengers for years. Worrisome for the end user.
I'm all for competition, and I hope France succeeds in building a good product, because competition is great for everyone and creates jobs, and I hope it's going to take off soon, we'll see, bonne chance!