Apple Wallet is very good at being a wallet
If an airline gives you a boarding pass, your bank gives you a supported payment card, or an eligible authority provides a digital ID, Apple Wallet is exactly where that item should probably go.
It is deeply integrated with iPhone and Apple Watch and is designed for the moment of use: tap, present, enter, pay, board.
Panza is not trying to recreate that.
The gap starts when the thing is still a document
A vehicle registration. An insurance policy. A warranty. A passport copy. A school document. A membership record that does not come with a Wallet pass.
These are not bad Wallet items. They are simply not Wallet items at all.
Panza starts with the document, pulls the useful part forward as a visual card, and keeps the source behind it.
A quick rule
If the item needs to work with a terminal, gate, reader, or supported digital credential flow, use Apple Wallet.
If you need to find a document, read one detail from it, or keep the original close for proof and context, Panza is the more relevant tool.
The sensible answer is often both
This is not a migration story.
Keep the boarding pass in Wallet. Keep the travel insurance policy, passport details, and other trip documents in Panza.
Different jobs. Less forcing one app to become something it was not designed to be.