I mean embeddingsDB startups don't provide embeddings. They provide databases which allows to store and query computed embeddings (e.g. computed by ChatGPT), so they are complimentary services.
Yeah I still see a chat bot being able to look for related information in a database as useful. But I see it as just one of many tools a good chat experience will require. 128k context means for me there other applications to explore and larger tasks to accomplish with fewer api requests. Better chat history and context not getting lost