There is there there...

The substance is they've created a way to fabricate a device that can make the optical frequencies they wish. That is useful: it means a designer isn't limited to frequencies that are economic to generate with existing techniques, which is a constraint that lasers currently struggle with: low cost, compact, efficient laser sources (the kind that fit on a chip, and are fabricated by cost effective processes,) only exist for a limited number of frequencies.

The story is typical tech journalism pabulum, but the underlying paper does discuss efficiency. It's about what you'd expect: 35 mW -> 6 mW @ 485 nm, for example.

An obvious use case is multimode fiber communication: perhaps this makes it possible to use more frequencies for greater bandwidth and/or make the devices cheaper/smaller/more efficient. But there are other, more exotic things one might do when some optical frequency that was previously uneconomic becomes feasible to use at scale.