From the historical perspective, Google pretty much always had a problem with URL’s and how they are displayed, especially in its Chrome browser. Certain parts of the URL syntax are removed, such as http:// or https:// or www, even that’s not the end post though. There were also many attempts at shortening the url, which always brought backlash from the browser users.
In the Chrome version 85, the whole URL should no longer be displayed, only the domain itself. For example https://news.intermax-ag.com/de/2020/06/12/neuer-bestseller-114-cpa-in-der-schweiz/ will only be displayed as news.intermax-ag.com. An easier way to recognize phishing websites is mentioned as an official reasoning behind this move. Why is this a plus hasn’t been explained.
After clicking on the URL in the header, the full url should be again visible, and editable. The new functionality may be already tested in the Chrome Dev using the Flag #omnibox-ui-hide-steady-state-url-path-query-and-ref activated.