Interestingly, it seems that Microsoft hast just renamed its "Visual Studio Online" (which was basically the same as this new product) to "Visual Studio Codespaces". So it seems that they are merging these two products. (See: https://visualstudio.microsoft.com/services/visual-studio-co...)
EDIT: They actually announced the renaming of the product a couple of days ago: https://techcrunch.com/2020/04/30/microsofts-visual-studio-o...