From the quick look that I've taken, it is a JavaScript API (No, JavaScript and Java are not the same language).
It appears to be closer to Sponge's Plugin API than Forge's Mod API, although there is a client component to it (unlike Sponge's Server-Only implementation) I don't see any reference to creating your own blocks, items, or entities.
I doubt modders will "switch" as you are suggesting, as Forge (and Java by nature) allows mods to access pretty much all of Minecraft's code and resources, whereas with bedrock's scripting API, you will only have access to what the scripting engine gives you access to. I expect even those who do decide to try the scripting API will do it in addition to, rather than instead of, their Forge projects.