The point is to make nginx's configuration dynamic and prevent bloating applications with stuff that belongs at the (lets call it) devops level.
Now, I also don't think nginScript is such a good idea. But because they seem to be building their own JavaScript VM for it. I believe this is a waste of effort and more of a JavaScript-all-the-things than anything else.
Lua is a very simple language, the VM is small and fast and for the "dynamic configuration" scenario one hardly codes more than a few lines (I've done quite a few things and the total line count is in the low 100's).