As of 2020's, it is basically a cheap/slow/simple CPU used in embedded system applications.
It is interpreted. It actually implements a Python (-like ?) interpreter that can run on a microcontroller. See e.g.: Compile MicroPython code for Micro Bit locally.
As a result, it is both very convenient, as it does not require a C toolchain to build for, but also very slow and produces larger images.
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