MCC is a hex dump that most players, and people, cannot read. JSON is what APIs and most programming languages read natively. MCC is at home in closed captions for broadcast and streaming delivery that carry CEA-708 as well as CEA-608; JSON is the usual choice for APIs and data exchanged between programs.
The text is read as UTF-8 or UTF-16, whichever the file is. An older file in another code page is read using the charset it declares, or as Windows-1252 if it declares none, so accented letters in an unlabelled legacy file can come out wrong. A file that is not text, such as the picture-based subtitles of a DVD, is refused instead of being converted to nonsense. The CEA-608 caption data inside each packet is read, as for SCC. Captions that exist only as CEA-708 service data are not read. The result is a JSON list with one object per cue: its number, start and end as clock times and in milliseconds, and its text.