It's a valid subset of Javascript (or at least was initially meant to be), but a JSON object (as opposed to an array) isn't a valid stand-alone Javascript expression, and an attempt to eval it will return an error:
> eval('{"key": "value"}');
SyntaxError: missing ; before statement
All JSON literals are valid JS expressions but not all are valid statements. The two are different parts of the JS grammar.
As script blocks expect one or more statements to execute, the hack relies on the fact that some JSON (array literals) also happen to be valid statements in addition to expressions.