Modern Team Sites in SharePoint Online are continuously evolving so we have new features quite frequently. One of the latest additions are related to the way we can access to site settings options:
When you click the settings button, you are not going to see the site settings option anymore. Instead you will see two new configuration options: Site Information and Site Permissions.
Site Information option provides access to a configuration panel where you can see information about the site (you can also change some of this information) such us Site Title, Site Description, privacy settings and classification settings (if they have been enabled). On this panel you also have a link to the site settings configuration page where you have more options to parametrize your site.
Site permissions options display other panel where you can review site permissons and the SharePoint Group mapped to each permission.