Teams town hall is an extension of Teams meetings, enabling users to broadcast video and meeting content to a large online audience. Town hall are meant for one-to-many communications where the host of the event is leading the interactions and audience participation is primarily to view the content shared by host.
To learn more about town hall, see Microsoft's documentation on introducing to town halls in Microsoft Teams.
How are teams webinars different from Teams meetings https://uwaterloo.atlassian.net/wiki/spaces/ISTKB/pages/2689269765/Overview+of+Teams+Webinars#How-are-Teams-webinars-different-from-Teams-meetings%3F
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