I dedicated a whole video to this very subject in SWA Complete X2 with examples to show (hear?) the difference.
Basically a send is "sending" a copy of the signal to a buss to do with what you will. You still have the original signal to work with as well. You'd normally send that signal for processing of some sort (such as reverb) and then mix it with the original using the send's send level control.
If you use an output there is no copy that's the one and only version and if you make processing changes to it you have nothing to mix it with at all, not usually what you want.