From the blog by status:

Furthermore, the collaboration between Status and Matrix is expected to:

• Utilize the Status Network token within Riot.im by enabling crypto assets
• Create a bridge between Matrix and Whisper (Ethereum’s own real-time communication protocol)
• Integrate Status DApps as widgets within Riot.im

This does sour my view of Element.

Matrix Foundation might have been an afterthought but it still is a valid step in ensuring at least some independence of the protocol from Element.