I'm not sure why people are surprised that Leibovitz is still getting high-profile campaigns like this, despite the output quality.
The name "Leibovitz" adds credibility to any portrait campaign the same way the name "Meisel" adds credibility to any fashion campaign. Regardless of my thoughts on the current quality of their work, both have decades-long careers and have become brands (especially to the masses) in their own right. "Roger Federer & Rafael Nadal by Annie Liebovitz" will automatically generate more interest than "Roger Federer & Rafael Nadal by Collier Schorr/Tyler Mitchell/Sam Rock/Ethan James Green".
As for the campaign itself? An [expected] mess. Both men look like they're anguishing in the snow and the composition is so 'behind the scenes'. I get that she wanted to capture them in action, more naturally, but a posed picture on the mountain would have looked more finished and epic. Anyway, people love their sporting legends so I'm sure this campaign will boost their luggage sales. Mission accomplished, I guess.