Specifically, search results will now display a website's actual name instead of its URL, along with what Google calls a "breadcrumb-like format" for the URL structure.
From Google:
Well-structured URLs offer users a quick hint about the page topic and how the page fits within the website. To help mobile searchers understand your website better when we show it in the mobile search results, today we're updating the algorithms that display URLs in the search results to better reflect the names of websites, using the real-world name of the site instead of the domain name, and the URL structure of the sites in a breadcrumbs-like format.
You can see an example of this in the photo above, with the green text in search results now showing a progressive list of sections for the URL structure rather than the full URL itself.
Additionally, Google announced that it is introducing support for schema.org structured data for websites to signal its algorithms on how to handle the substitution of website names and URL structures. If you're an interested web developer, you can check out documentation for code examples from the source link below.
As Google notes, the changes are rolling out to mobile search gradually, and site name changes are currently US-only, while breadcrumbs are rolling out worldwide.
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