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From the FAQ:

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What are the goals and mission of Ultra Ethernet Consortium (UEC)?

Deliver a complete architecture that optimizes Ethernet for high performance AI and HPC networking, exceeding the performance of today’s specialized technologies. UEC specifically focuses on functionality, performance, TCO, and developer and end-user friendliness, while minimizing changes to only those required and maintaining Ethernet interoperability.

Additional goals:

* Improved bandwidth, latency, tail latency, and scale, matching tomorrow’s workloads and compute architectures.

* Backwards compatibility to widely-deployed APIs and definition of new APIs that are better optimized to future workloads and compute architectures.

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Basically going after Infiniband (IB). While Ethernet and IB seem to have equal roughly number of system in the Top 500 (Category > Interconnect Family):

* https://www.top500.org/statistics/list/

The majority of the Top 100 and 200 seem to have IB:

* https://thelinuxcluster.com/2021/07/08/a-relook-at-infiniban...

* https://www.nextplatform.com/2021/07/07/the-eternal-battle-b...

Once you get to the slower (older?) systems Ethernet starts being the majority.