The meaning and structure of the module identifier depends on the module loader or module bundler. The module loader is not part of the ECMAScript spec. From a JavaScript language perspective, the module identifier is completely opaque. So it really depends on which module loader/bundler you are using.
You most likely have something like babel-plugin-root-import in your webpack/babel config.
Basically it means from the root of the project.. it avoids having to write things like import Component from '../../../../components/component'
Edit: One reason it exists is because import Component from 'components/component'
doesn’t do that but instead search in the node_modules
folder