It’s literally just low-nutrient compost with all the good stuff leached out.
It’s outdated science. A hundred years ago a prestigious scientist came up with a theory that soil organic matter all simplified to a stable state called “humus,” after finding humic acid in soil by using an extraction process. At the time, a lot of knowledgeable people thought this was bunk and it was controversial, but it eventually caught on. University horticulture grads could set up businesses making and selling “humic acid” as a garden amendment.
Problem was, there were 100 years of field tests and this miracle garden amendment never actually caused any measurable improvements in garden or soil performance!
Then a couple years ago, some scientists went looking for humic acid in soil using modern means, and… drumroll, there was no humus or humic acid in terrestrial soil!
Turns out, the original researchers MADE the humus with the test the were using to measure it! Soil humus never existed, and humic acid is just low quality compost that won’t do much for garden performance.
Still, people are still selling it, and some gardening authors are still teaching people to use it.
(The original study showing that soil humus, does not in fact, exist.
https://www.nature.com/articles/nature16069 This is now generally considered settled science and current soil science has moved on from the humus hypothesis.)