QUIC is basically rebuilding the stateful connection abilities of TCP on top of UDP with optimizations.
Multiplexed streams with packets that can arrive out of order, removing the head of line blocking issue with TCP. There is also forward error-correction to reconstruct lost packets instead of retransmitting. Better packet sizing and congestion algorithms to reduce round-trips. There are also updates to include all the TLS 1.3 stuff for 0-RTT setup.
All of this reduces latency and makes connections more reliable, especially with changing networks on mobile devices. Not many downsides other than that TCP is far more open and optimized than UDP so it may take a while to effectively get this protocol out there.