A community group with a goal of unifying the APIs of server-side Javascript runtimes. This is going to be important as commercial runtimes proliferate and want to differentiate themselves from competitors and the core NodeJS runtime.
Products like Deno and Bun already have compatibility issues that mean libraries that connect to the runtime internals have to do work to support different systems.
It is also good that the "standard" interpretation is not simply whatever V8 does.