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ELI5?
The NFA is a tax and has been upheld under Congresses taxing authority. When the tax became zero and no revenue was collected, a Federal Court ruled that Congress had no authority to run the registration and prior approval apparatus that was used to prove tax compliance. Lot's of complicated stuff about injunctions applying only to plaintiffs and orgs, but the DOJ did not appeal, and now the ATF has said they are making this uniform. This does not change state laws that under State statute make it a crime to have such items or to have such items that are not registered.

I am not a lawyer, but I am generally interested in firearms and firearms law.

A reasonably good source is Mark Smith on YouTube. He is an attorney.

Hope this helps.

Most interesting for most people, in States where there is no specific NFA law, one can now buy a firearm suppressor (which softens the report but does not make it whisper quiet) just like any other firearm. Same normal form. Not paying a $200 excise tax and submitting fingerprints and other NFA mandates to the Federal government prior to purchase.
I did wonder why project 2025 didn't target the ATF very much. They must understand their ideas are unpopular and still fear a truly well armed populace.
Importantly this change as well as the court ruling that lead to it are not based on a Second Amendment claim.

This was a taxing authority case.

However, as more of these items are purchased and kept, they can will become “in common use by Americans for lawful purposes,” which will enhance a second amendment element in the future.

I am not a lawyer.