Some students find the free-form nature intimidating, and don't know how they should structure their personal statement. For those students, the questions form that structure, so they will prefer the new approach I would imagine.
Others will find the question and answer approach overly restrictive, and would prefer the free-flowing nature of the current personal statement.
So, as with most things, there will be winners and losers.
Also, this is hardly a sudden change. It was announced last January (i.e. almost a year ago) and won't take effect for another year, when students will be applying for 2025 entry.