Google recently announced that they will be renaming “Team Drives” to “shared drives”. This change will not impact Team Drives functionality; it is simply a name change. Google has learned that customers use Team Drives for a lot more than sharing within teams, so calling them “shared drives” makes it easier to understand how one could use them.
iPhone and Android users will begin to notice the change at the end of May in their Google apps. Those accessing Team Drives from a browser will begin to see the name change in early June.
For more information, please see the official announcement from Google.