It's a social network that looks/works remarkably like Twitter (it was actually created by Twitter a few years ago as an experiment on how to make a next-generation "networking protocol" for Twitter, in the belief that twitter is too centralised and controllable by whomever owns twitter - they wanted to create a new system that was more "open" and couldnt be controlled (eg like email). It was spun off as a separate business prior to Musk buying Twitter. So from a user perspective it's remarkably like twitter, has no adverts, and the userbase is a lot friendlier (it feels a lot more like the early days of twitter before all the racists etc turned up).
Is there a functioning trust and safety system so that it's not just a free-for-all of racists/porn?
Why yes, there's a number of things they do - as it's an open network standard they can't stop someone creating an account and posting what they like, but they can make it really hard for people to see it