Bytecode is always public — source code isn’t
Every deployed contract’s compiled bytecode is visible on-chain by definition, but that’s dense and not human-readable. “Verified” means the original source code has been checked to actually compile to that exact bytecode, so what you can read really is what runs.
How this tool works
Reads Etherscan’s (and its family of chain-specific explorers, unified under Etherscan’s multichain API) source-code verification status for the address you enter, and separately detects whether it’s a proxy contract with a distinct implementation address.