It's a player of the ffmpeg lineage; a GUI frontend for mpv. If you use mpv or some frontend (e.g., SMPlayer, Celluloid, or Haruna) on other platforms, IINA is a natural choice on macOS.
It's free software, it's keyboard friendly, it supports more of less every format, and it blends into the OS's native desktop environment. I don't have an eye for design, but it seems good to me. If there's a better choice for local multimedia playback on macOS, I don't know what that is.
(It seems the only other real contender on the backend is VLC, which is likewise excellent software.)