ProxyJump is a newer functionality. There used to be only ProxyCommand. ProxyJump is a shortcut for the usual way to use ProxyCommand to connect through a bastion host but ProxyCommand is more flexible. For example with ProxyCommand you can run any command to connect to the remote host. ProxyJump only connects over ssh. I think I replaced all my ProxyCommand with ProxyJump because I don't need much else than the normal use case.
You can get a lot more out of ProxyCommand. For example, you can run SSH over non-IP protocols, such as serial, Bluetooth RFCOMM for embedded boards, or vsock for virtual machines without networking set up at all. The latter is built into and setup up automatically by systemd:
ProxyCommand allows you to use any command to setup a connection. Not necessarily an ssh command, like ProxyJump. It can be any command, as long as it receives on stdin and produces on stdout, it can act like a TCP connection.
ProxyJump is a special case of `ProxyCommand ssh -p <port> <user>@<host>`. Can't replace the `ssh` in there when using ProxyJump.