Compatible Android devices (the Pixel 10 family, at present) need to update the Quick Share Extension in the Privacy and Security section of their settings. If the feature is actually secure and manages to proliferate across other Android devices, I think a lot of people — Android and iOS owners alike — will enjoy using it.
Enterprise and regulatory implications
IT managers will likely want to make sure it is possible to disable file-sharing through QuickShrare and Air Drop using standard device management tools on both Android and Apple devices. It should be possible on Apple’s systems, as you can already prevent use of AirDrop on managed iPhones. All the same, business entities will likely want to constrain this new opportunity for data exfiltration.
Will Apple put a stop to it? I hope not. Because while I understand how important and complex it is to maintain security and privacy across Apple’s ecosystem, we do exist in a multi-platform world — and there does seem to be plenty of protection in place in how Google has approached it.