Unfortunately Google revived it but it's a very poor standard for interoperability. Not only because the lack of true E2EE in the open spec but also because you need to be a blessed party to run an RCS server and communicate with others. You can't run your own or choose a party you trust. It's either your carrier if they bother to run one, or Google.
It's just another power grab. Don't fall for its 'open' guise. They want you to use it so they can make you dependent and lock you in again. There's nothing open about it. If you want privacy, use signal. If you also want an open and federated network, use matrix or xmpp with OMEMO.
I strongly disagree with this negative characterization. RCS was a replacement protocol for the extremely outdated SMS and MMS protocols. Apple only supported SMS/MMS chat with Android users in iMessage, which meant that cross-platform chats were strongly limited in many ways (e.g. the mentioned emoji reacts), which caused many US American kids to be socially punished for having an Android phone, which is likely part of the reason why Apple is so dominant in the US now, especially among younger users. (Other countries mostly don't use iMessage/SMS, but something like WhatsApp, so they never had this problem.)
RCS was the solution to these iMessage/SMS/MMS incompatibilities. It took years for Google to convince Apple to adopt it, and Apple only announced doing so after EU regulations were on the horizon. There were even internal emails which revealed that Apple used their iMessage dominance and the poor Android compatibility via SMS/MMS to boost their market share in the US.
In summary, RCS is great because it is both a modern chat protocol, unlike SMS and MMS, and an open standard, unlike the closed iMessage and WhatsApp protocols, and available cross platform, unlike iMessage.
But that would mean that the entire protocol would have to be made open including E2EE, and that other parties besides Google and the telcos would be allowed to run servers. Those things are very unlikely to happen.
And the social problems are not a technology problem, it's more a result of the harsh competitive American society. Without blue bubbles there'll be something else that kids will be bullied for. Only when the whole concept of "everyone except the #1 winner is a loser" is dropped this will disappear.
And Google didn't try to convince Apple to do this out of the goodness of their heart. Like I said most of the protocol (except the E2EE) is open but the implementation is not. It gives google even more control. You also won't be able to use it on a PC without a google account which is a big dealbreaker compared to Whatsapp and Signal. iMessage isn't a thing here in Europe anyway (neither is SMS/MMS).