Google mentioned these in their explainer (they don’t like that they’re fully masked): https://github.com/RupertBenWiser/Web-Environment-Integrity/blob/main/explainer.md#privacy-pass--private-access-tokens
Cloudflare explains them more too: https://blog.cloudflare.com/eliminating-captchas-on-iphones-and-macs-using-new-standard/
They are currently going through an IETF standardization: https://datatracker.ietf.org/wg/privacypass/about/
You can also read the architecture. In general I do trust Cloudflare more than Google. I have no doubt shitty sites won’t fall back to a captcha and will instead block access though, with either solution.