Pros
You get a middling job that will pay the bills and work remotely that will give you an excuse to hide from disrespectful or moderately competent coworkers. You get to work against other teams and compete to be better than all the rest, the best like no one ever was. You might get to work with a leader that doesn't assign you the same task also assigned to several others, unbeknownst to you. You can take unlimited vacation and fall behind your co-workers on their way to a promotion before you, even though you completed everything in good order. You get a high chance of taking on work that will not get recognized because the leader that designed the project was confused and can't understand if there's any business value. You might still have some of the benefits advertised by the time you start. You might have a chance to switch teams or move internally if leadership thinks a new shiny title and rebranding an existing role are important in the next year.
Cons
This is a complete bureaucracy now. Any merit based teams are few and far between. Those teams are also probably not hiring, as they are being forced to conform or actively being managed out by being given unrealistic expectations. Culture, teamwork, and comradery are all rapidly declining as teams feel pit against each to produce.