Twitter has started to roll out auto-generated captioning for videos. This function is accessible via Android, iOS, and the web.

Auto-captions will appear on muted Tweet videos on Android and iOS. Users can keep them on via your device’s accessibility settings when they are unmuted. On the other hand, consumers can toggle it on/off on the web by clicking the “CC” button.
Please keep in mind that the freshly uploaded videos will have auto-captions. Captions will still be missing from older uploaded videos that do not have them.
Where are video captions when you need them? They’re here now automatically on videos uploaded starting today.
— Twitter Support (@TwitterSupport) December 14, 2021
Android & iOS: auto-captions will show on muted Tweet videos; keep them on when unmuted via your device's accessibility settings
Web: use the "CC" button to turn on/off pic.twitter.com/IHJAI31IvX
However, for the time being, users cannot report erroneous or incorrect captions, according to a Twitter spokeswoman, who adds that “we’re always exploring for ways to improve our accessibility services.”