Too little, too late IMO.
Well here's the thing..
We don't know yet, if Overwatch will be able to RETAIN players over the long term..
With TF2, because it has already ironed out the kinks, and the _free_ factor,, it's much easier to Jump into, hassle free via steam, which most gamers have already..
Sooooooo.. I think as long as they create the competitive scene with prizes/ tournaments within valve's already sponsored structure... It could very well make a comeback..
And honestly.. If you just reskin TF2.. i mean... hahaha.. not that different from overwatch.