"Well-known file formats for interchange in the VFX industry like OBJ, FBX, and Alembic primarily deal with interchanging flat/cached geometry, with no facility for assembling assets or editing the data directly. USD does serve the role of an “interchange file format,” more comprehensively than previous public efforts, because it already interchanges not only geometry, but also shading/materials, lights, rendering, linear-blend skinning and blend-shape animation, rigid body physics, and is extensible along numerous axes."
Basically, glft is primarily designed for sharing individual 3D geometry, while USD is designed for sharing whole 3D scenes and is designed in a way that lots of different departments can collaborate on different parts of the same scene at the same time.
It is yet another Khronos format, by committee, instead of something Hollywood designed for their workflows.
Additionally Gltf only became a thing thanks to Microsoft changes that originated Gltf 2.0. Initially it was designed as a format specifically for WebGL.
