The original post from the ex CEO of Waze is gone. But I found a news article covering it. https://www.timesofisrael.com/waze-ceo-noam-bardin-explains-...

Basically, it was a branded product and had active user base. Part of the acquisition was to give them autonomy to continue Waze as it was.

Common practice - purchase a better competitor and then let it slowly die from lack of oxygen.