It's just a chem bench, with a couple of advantages.
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The RobCo Advanced Fabrication Technology was an in-home/small-office all-purpose automated fabricator that could quickly and easily make a variety of items. Common applications include specialized cleaning chemicals and rapid prototyping.
A few of these things can be found in semi-working order since the bombs, and now you can build an adapted one in your settlement, for roughly the same cost as a Chem Bench. There are three notable exceptions:
1. It costs some Circuitry. I needed a balance mechanic and it looks realistic.
2. It doesn't require the Local Leader perk, so you can make all the stuff from mods with any character.
3. It sits at the beginning of the crafting settlement menu. I build a lot of chem benches. I wanted it easily accessible.