10:32
@Sayan Why is $\mu^{-1}(0) \subset M$ being coisotropic relevant? I really don't know any symplectic geometry.
Oh no, I see what you are saying. $M/G$ does not literally make sense. It might be odd-dimensional. It will almost never be naturally a symplectic manifold.
So you have to be clever about how you want to define a $"M/G"$
The moment map $\mu : M \to \mathscr{g}^*$ really is defined as follows: the action of $G$ on $M$ gives rise to a map $G \to \text{Diffeo}(M)$, taking the derivative at identity gives $\mathscr{g} \to \text{Vect}(M)$. If the action is Hamiltonian, the image goes inside $\text{Ham}(M) \subset \text{Vect}(M)$, in which case you can come back to $C^\infty(M)$ by inverse of $C^\infty(M) \to \text{Ham}(M)$, the Hamiltonian.
So you get a map $\mathfrak{g} \to C^\infty(M)$, dualizing which gives $M \to \mathfrak{g}^*$
The former is easier to interpret; it means every infinitesimal group element gives rise to a flow on $M$ which has a symplectic potential -- take that potential. That's $\mathfrak{g} \to C^\infty(M)$.
Uncurry: $\mathfrak{g} \times M \to \Bbb R$ takes an infinitisimal group element, and evaluates the symplectic potential at a point $p \in M$.
So $\mu^{-1}(0)$ is all the points on $M$ along which the symplectic potential of all infinitisimal group elements is $0$. They are the "ground energy state" points or whatever you want to call em
Then as you say $\mu^{-1}(0)$ is coisotropic etc if $\mu$ is regular, so $\mu^{-1}(0)/G$ will be a symplectic stratified space.
I cannot tell you the precise reason why this is a smart way to define $"M/G"$ but $\mu$ is sort of like an energy functional or Lagrangian or something (it is literally potential after all) and you're picking out points from the orbit of $G$ on which $\mu = 0$. This is a natural idea in gauge-fixing.
In electromagnetism eg you see a convention for gauge-fixing $B = \text{curl} A$ by saying $\text{grad} A = 0$
I think they call this Coulomb fixing
You should look into Kempf-Ness theorem, which says that if $M$ is a smooth projective variety and $G$ is a compact Lie group acting on $M$ algebraically then the symplectic reduction is the same as the GIT quotient $M//G^{\Bbb C}$, where $G^{\Bbb C}$ is the complexification. This explains why the symplectic reduction has dimension $\dim M - 2\dim G$
I think approximately this must be because if $G$ is equipped with an invariant Riemannian metric, $|\mu|^2 : M \to [0, \infty)$ is a $G$-equivariant Morse function with a critical level set only at $0$. So you get a map $M \to \mu^{-1}(0)/G$ by flowing along the gradient of this guy. And so maybe you can pass to $M//G^{\Bbb C} \to \mu^{-1}(0)/G$