Unicode assigns a number, called a code point, to every character. Programming languages and data formats write those numbers in different ways: JavaScript and JSON use \uXXXX escapes, Python and Go use \U forms, the Unicode standard writes U+ notation, and files store the bytes of a chosen encoding such as UTF-8.
Characters outside the Basic Multilingual Plane, such as most emoji, need two 16-bit surrogate escapes in JavaScript and JSON. This converter writes them that way, and the decoder joins them back together. It also accepts the braced \u{1F600} form used in modern source code.
Showing code points and UTF-8 bytes side by side helps with mojibake. A sequence such as C3 A9 is the UTF-8 encoding of é, so if you see é on a page, the text was decoded with the wrong charset somewhere along the way.