Ignoring the name, this application may also be a good alternative to Windows Media Player, though of course still need a lot of improvement.
Even if Windows Media Player is killed, users still have many other options such as VLC that also supports many Windows versions.
However on Windows 10 S, because it is impossible to install Win32 software, the choice will be less. There are only a few similar apps on Microsoft Store so you will almost be forced to use Movies & TV.
It has been many years since Windows Media Player has not improved, so if it is 'retired' it is not too surprising. Although WMP is still available and is a choice of many people, this software is quite outdated.
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