I'm not a mathematian but I know enough linear algebra and vector calculus to understand the conjecture. This is my interpretation:

Firstly, the determinant of the Jacobian is measuring if at any point the function is crushing space / flattening out.

If the Jacobian is a nonzero constant everywhere this means that nowhere does the the function flatten out. A small change in X along any line will always produce a non zero change in Y. Not flattening out means that locally you can invert it.

What was conjectured is that this local invertibability property everywhere would mean global invertibility.

Turns out to not be the case.

For a simple case, the falsified conjecture is trivially true in 1D.

Specifically consider f(x) = x^2

This function happens to flatten out right at x=0. At that x coodrinate the function flattens out and folds over on itself. This fold means you can't invert x^2. It's also not locally invertible around x=0.

If a function f(x) has constant derivative evewhere then it would flatten out nowhere and it would be invertible everwhere. It would also be globally invertible.

The Jacobian conjecture was stating that the extension of this property holds in higher dimensions. That if the function had no fold in space then it would be invertible globally.

The counterexample shows that you can create a simple function in 3 variables, where the function demonstratably is invertible evewhere, but is not injective globally (they specifically show 3 points that map to the same output).

What's interesting is this is like if someone showed you a parabola where somehow you got back to the same y coordinate without a kink bending over back to itself.