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Key moments is a feature that enables Google to include jump-points to specific sections of a video when they display it in the search results. They try to automatically detect where they should be, but also provide the video creator options to manually define the important points in the video. They have updated the ways in which this is possible.
Other than going out of beta, the requirements or guidelines for Clip have not changed.
Google updated the Video structured data documentation to state that the thumbnailUrl property must use one of the supported Google Images file formats. Previously, the documentation didn't include WebP and SVG.
Google updated the 'key moments' section of their Video rich results documentation. In addition to clarification that Google will try to automatically detect the segments in videos, guidance has also been provided on how to manually inform them of important points within videos.
Details are also given on how to opt out of the key moments feature using the nosnippet meta tag.
Google removed the interest form for the Key moments feature, from their Video rich results documentation. The feature remains in development with a select group of providers, but the program is no longer accepting submissions.