Pantone established an analog standard at a time when there was none. Well, more or less because it’s not perfect: even the same combination of pigments often look slightly different on paper than cardboard, in matte paint than glossy lacquer or in plastic, etc.
Anyway, then you as a customer, designer, manufacturer, printer and customer were all looking at at least the same colors of the same pantone swatches and fans.
Pantone makes money from those fans, because they are very expensive. Then it was also understandable, because those hundreds of colors have to be mixed and printed one by one.
Just … those sales are plummeting now that many parts of the process have gone digital, especially design and print. The number of local printers has been decimated, as they can no longer compete with that handful of large internet printers, etc.
So Pantone is going to come up with something else to make money and because it has a kind of monopoly like Adobe, those clubs “understand” each other perfectly.