I think the difference is the idea of people from the community, with the consent of the community, policing said community. From the community, for the community. I think it's a nice idea, but it really depends on the actual community what that would look like. More peaceful and inclusive in some places, horribly authoritarian and racist (even worse than US cops now) in others.

But yeah it'd just be different form of policing and those doing it could be just called police.