I literally started reading about ReactNative an hour ago and am reading this git readme https://github.com/react-community/create-react-native-app/blob/master/react-native-
My understanding is that when you run the "create-react-native-app" (or "expo init" now) you are basically adding the Expo library on top of React Native.
I think the main reason for using Expo is to get your app up and running quickly. I think the main reason to eject is that eventually you might need to do more complicated customization with native code and need more control, etc. Here is a better explanation of Expo vs React Native CLI to bootstrap your app:
https://levelup.gitconnected.com/expo-vs-react-native-cli-a-guide-to-bootstrapping-new-react-native-apps-6f0fcafee58f
When you eject you are returning to the same state as if you did not use Expo to setup your app (native ios/android projects will be generated, etc.)
Here are a few other links that helped me understand: http://www.reactnativeexpress.com/environment
https://docs.expo.io/versions/latest/expokit/eject/