Converting MOV to MP4 moves Apple's QuickTime video into the container that Windows, Android, browsers and smart TVs expect. The two formats are closely related, so ordinary iPhone clips change little. One thing to know: if the picture inside stays HEVC, some older devices and Windows apps still will not play it, even as MP4.
Transfers use HTTPS, and files converted on the free tier are deleted within 24 hours, so the result is not a long-term archive. Quality depends on the source file, so open the MP4 file once before you share it.
FromMOVLossy
MOV (QuickTime File Format)
Apple's QuickTime container, introduced in 1991. It stores video, audio, timecode and text tracks, and is what iPhones, Macs and many cameras record. Typical contents are H.264 or HEVC with AAC audio, or ProRes in editing workflows.
ToMP4Lossy
MP4 (MPEG-4 Part 14)
An ISO-standard container that was modelled on the QuickTime file structure, which is why the two are close relatives. It usually carries H.264 or HEVC video with AAC audio and is accepted by nearly every phone, browser and television.