NATS is very good. It's important to distinguish between core NATS and Jetstream, however.
Core NATS is an ephemeral message broker. Clients tell the server what subjects they want messages about, producers publish. NATS handles the routing. If nobody is listening, messages go nowhere. It's very nice for situations where lots of clients come and go. It's not reliable; it sheds messages when consumers get slow. No durability, so when a consumer disconnects, it will miss messages sent in its absence. But this means it's very lightweight. Subjects are just wildcard paths, so you can have billions of them, which means RPC is trivial: Send out a message and tell the receiver to post a reply to a randomly generated subject, then listen to that subject for the answer.
NATS organizes brokers into clusters, and clusters can form hub/spoke topologies where messages are routed between clusters by interest, so it's very scalable; if your cluster doesn't scale to the number of consumers, you can add another cluster that consumes the first cluster, and now you have two hubs/spokes. In short, NATS is a great "message router". You can build all sorts of semantics on top of it: RPC, cache invalidation channels, "actor" style processes, traditional pub/sub, logging, the sky is the limit.
Jetstream is a different technology that is built on NATS. With Jetstream, you can create streams, which are ordered sequences of messages. A stream is durable and can have settings like maximum retention by age and size. Streams are replicated, with each stream being a Raft group. Consumers follow from a position. In many ways it's like Kafka and Redpanda, but "on steroids", superficially similar but just a lot richer.
For example, Kafka is very strict about the topic being a sequence of messages that must be consumed exactly sequentially. If the client wants to subscribe to a subset of events, it must either filter client-side, or you have some intermediary that filters and writes to a topic that the consumer then consumes. With NATS, you can ask the server to filter.
Unlike Kafka, you can also nack messages; the server keeps track of what consumers have seen. Nacking means you lose ordering, as the nacked messages come back later. Jetstream also supports a Kafka-like strictly ordered mode. Unlike Kafka, clients can choose the routing behaviour, including worker style routing and deterministic partitioning.
Unlike Kafka's rigid networking model (consumers are assigned partitions and they consume the topic and that's it), as with NATS, you can set up complex topologies where streams get gatewayed and replicated. For example, you can streams in multiple regions, with replication, so that consumers only need to connect to the local region's hub.
While NATS/Jetstream has a lot of flexibility, I feel like they've compromised a bit on performance and scalability. Jetstream clusters don't scale to many servers (they recommend max 3, I think) and large numbers of consumers can make the server run really hot. I would also say that they made a mistake adopting nacking into the consuming model. The big simplification Kafka makes is that topics are strictly sequential, both for producing and consuming. This keeps the server simpler and forces the client to deal with unprocessable messages. Jetstream doesn't allow durable consumers to be strictly ordered; what the SDK calls an "ordered consumer" is just an ephemeral consumer. Furthermore, ephemeral consumers don't really exist. Every consumer will create server-side state. In our testing, we found that having more than a few thousand consumers is a really bad idea. (The newest SDK now offers a "direct fetch" API where you can consume a stream by position without registering a server-side consumer, but I've not yet tried it.)
Lastly, the mechanics of the server replication and connectivity is rather mysterious, and it's hard to understand when something goes wrong. And with all the different concepts — leaf nodes, leaf clusters, replicas, mirrors, clusters, gateways, accounts, domains, and so on — it's not easy to understand the best way to design a topology. The Kafka network model, by comparison, is very simple and straightforward, even if it's a lot less flexible. With Kafka, you can still build hub/spoke topologies yourself by reading from topics and writing to other topics, and while it's something you need to set up yourself, it's less magical, and easier to control and understand.
Where I work, we have used NATS extensively with great success. We also adopted Jetstream for some applications, but we've soured on it a bit, for the above reasons, and now use Redpanda (which is Kafka-compatible) instead. I still think JS is a great fit for certain types of apps, but I would definitely evaluate the requirements carefully first. Jetstream is different enough that it's definitely not just a "better Kafka".