GoPro has long been a leader for action cameras -- the company's 2018 announcement isn't designed to lead the pack but to offer an affordable entry into the waterproof action cameras.
Unlike the $499 GoPro HERO6, there's no 4K on GoPro's budget option, just good old 1080p HD video at 60 fps. Still images are ten megapixels at a respectable 10 fps burst speed (down from the 30 fps on the HERO6 though). Stabilization is included, though GoPro calls the HERO6 stabilization advanced and doesn't detail what the difference is on that feature.
For usability features, voice control is still included despite the budget price, though the budget option can't use voice control if the camera is in sleep mode. Advanced features like ProTune that allows for some manual control isn't included, however, along with axing options like the HDR mode and exposure control. Auto low light is still enabled, however.
While the features may be quite different, the body style isn't. The GoPro Hero is waterproof down to 30 feet without housing. A touchscreen takes up the back of the camera. And like other GoPros, the camera is compatible with GoPro mounts and accessories.
The GoPro Hero isn't nearly as nice as the HERO6 -- but it is a pretty nice action camera for $200. Plus, if you decide to upgrade in a few years to a flagship, you won't have to replace mounts and accessories if you stick with GoPros. Compare carefully with other sub-$200 action cameras here.