I think it's quite interesting to explore the Squadron Supreme's world ("Heroes Reborn") from Peter Parker's perspective. It's almost as if in this world, the Squadron Supreme of America has literally moved aside all Marvel's heroes and took care of their roles in their "patriotic relentless" way. I have to say, in this world, it would appear Peter is happier as many of the tragedies that tormented him as Spider-Man never happened; but that also means all the good things he did as Spider-Man never happened neither. And we should explore how Peter's life has changed in this reality. (Before starting, I want to say that I have nothing against Jimmy Olsen, but making Peter Parker have a similar role in this DCed Marvel Universe is an insult at all levels).

First of all, I have to say that, contrarily to what it seems, this Peter Parker is not powerless. We have to remember how Peter used to be before the Spider's bite. "Puny Parker" used to suit him well, as he was certainly weakling; and not only that, he was a serious case of vertigo by just getting on stairs in a bookshelf. Yet, in the first cover showing this Peter Parker, he's in a particularly dangerous position on the giant sing of the Daily Bugle's name on top of the building. The Peter Parker with vertigo would never be capable of get in such position, and there's no reason for the Squadron Supreme to have a role interfering in Spider-Man's origin. So, I believe this Peter Parker actually has his Spider-Powers, but he was never motivated to use them. My theory, maybe Hyperion saved his Uncle Ben's life by capturing the thief that MIGHT have shot Ben in this reality. That's where Peter's admiration for Hyperion might have started, and he decided to use his spider-powers for his job as photographer. It wouldn't be so weird, considering Jimmy Olsen's times with powers like Elasti-Lad and others.

Truth be told, most of Spider-Man's enemies weren't actually connected to him in their origins, and they all have similarities to villains from DC comics. We can assume that, without Spider-Man, his Rogue's gallery was divided between the members of the Squadron Supreme. These are some examples:
+ Electro (Livewire) >>>>> Hyperion (Superman)
+ Kraven the Hunter (Stalker - Batman Beyond) >>>>> Nighthawk (Batman)
+ Boomerang (Captain Boomerang) >>>>> Blur (Flash)
+ Lightmaster (Power Ring's bearer) >>>>> Doctor Spectrum (Green Lantern)

We can assume the Squadron's way to deal with these villains would be more "efficiently" (and deadly) than Spider-Man's way. An interesting case to mention would be Norman Osborn as the original Green Goblin. Many consider him (as well as Carnage) as Marvel's counterpart of the Joker, which means, in this reality, he might be obssessed with destroying Nighthawk instead. This would certainly free Peter of all the nightmares the Osborns have caused him.

I have more to comment, but this is long enough. I'll wait for some comments.