NIP-26 uses BIP-32 hierarchical, deterministic address generation, just like an XPUB does. But NIP-26 it does not broadcast the XPUB. It broadcasts just the latest pubkey, which is analogous to an address in Bitcoin.
fiatjaf’s critique of NIP-26 is that if it is adopted widely, then identifying people by pubkey no longer works. Everyone needs to be on the lookout for new keys. This makes NIP-26 effectively mandatory since anyone not using it wouldn’t be able to follow people (a key feature of nostr).
There’s probably a cryptographic solution which allows for a stable identifier with hierarchical keys. It just hasn’t been discovered/proposed yet, to my knowledge.