If you look at the list of network protocols in accordance with OSI, you will notice that TCP protocol is at the 4th OSI transport level, while the MQ protocols are at the 7th application level.
This means that no MQ protocol (and they are different: WebSphereMQ, AMQP, etc.) cannot replace TCP. He will work on top of it, taking advantage of his capabilities and complementing them with his own.
A similar situation arises between HTTP and TCP, since HTTP is also at the 7th level.
Answering the second part of the question: performance will be guaranteed to be lower, since the top-level protocols add their own overhead.
What are message queues used for and specifically MSMQ? They provide several possibilities, in particular, the ordering of messages from different places, the reliability of storing undelivered messages, routing, etc. It is convenient to use them for implementing CQRS and Event sourcing patterns ( https://habrahabr.ru/post/146429/ , https://habrahabr.ru/post/149464/ ), and in principle, it is easier to exchange information using a message queue .
Relatively recently, the interbank SWIFT system has migrated, and it may have already been transferred to WebSphere MQ. If you have an idea about this system, then you can immediately imagine which tasks the message queue is good for.