You better look again. They're not even close. Looking at 295/70R17 ST Maxx it measures 33.2x12x17. Thats a very different tire than the 34x10.5R17. Sure the heights are similar, but the 295 is a full 2" wider. Thats like saying a 33x10.5 is the same as a 33x12.5. They are very different.
The closest size is actually a 255/80R17. That size tire typically measures 33.3x10. So its very similar in size, but its very limited in options. That is why people are excited about this tire. Its offered in a size that many people have already been looking for. If you want that size tire in an AT tread you now have 2 options, ST Maxx and BFG AT. If want an MT you can add in Toyo MT, Maxxis Bighorn, and one Interco tire. Thats it. The BFG AT is a very welcomed tire to that size category. Plus, its the only one of two that is not load range E. Which is nice for lighter vehicles.