Your right, AMD ray-tracing == DirectX Ray Tracing, which is great. Unfortunately, since NVidia was the only ray-tracing game in town for a while now, my understanding is that a lot of PC games in development (e.g., Cyberpunk 2077) are using NVidia's proprietary ray-tracing solution.
No idea how DLSS-equivalent will work for AMD. Software and drivers have been an issue for AMD in the past and they lost a lot of goodwill with game developers. It would be great for NVidia to have some real competition again, I think their 3000 series cards are definitely more beefier thanks to AMD 6000.