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If I'm reading this correctly, Chrome will route your traffic through its own proxies—and a chosen third party, which you can't decide about. It'll be opt-in for now.

The amount of concerns that this introduces to both individuals and organizations is significant. What will it take before Chrome itself is labeled a PUP? Even with the best of intentions, the browser is taking more and more for Google, leaving less and less for the open web.

https://www.bleepingcomputer.com/news/google/google-chromes-new-ip-protection-will-hide-users-ip-addresses/

https://github.com/GoogleChrome/ip-protection