My expectation is: that DirectStorage will end up defining a core functionality that is a broadly-compatible API, plus optional features that impose other system requirements. RTX IO will be Nvidia's brand for their implementation of DirectStorage capabilities including several of the optional features. The core of DirectStorage will probably have very little to do with Radeon Pro SSG card, or even graphics in general.
Peer to Peer DMA from the SSD to the GPU is one of the features that will most likely be optional for DirectStorage, but Nvidia is making it part of their RTX IO branding. This will not remove all CPU involvement from the IO path. Instead, when the OS running on the CPU sends a read request to the SSD, the instructions will be to deliver the resulting data to the GPU's memory rather than the CPU's memory. I think this part will be very similar to the Radeon Pro SSG on a hardware level, but may be a bit easier to work with on an API level.