As you can see, the Top Opt part on the left requires quite a bit of post-processing before it can be manufactured versus the Generatively Designed one on the right.
Topology Optimization software focuses on the removal of material from some baseline volume. Most often, this is done through the direct use of an underlying Finite Element (or Computational Fluid Dynamics) Analysis. Examples of types of design goals would reducing mass, or reducing aerodynamic drag forces while maintaining sufficient stiffness. The resulting geometry in these cases is a single, “optimized” structure. The final geometry appears as a mesh, and then must be post-processed into a usable BREP Geometry.
Generative Design software focuses on adding material between various baseline geometry, such as mounting hole bosses or flanges, resulting in a final shape. There may or may not be an underlying FEA (some of the code is quite proprietary), and there may or may not be a single answer. More often than not, Generative Design results in a number of different designs options which the we must ultimately choose one from.
In both cases, traditional FEA or CFD must be conducted on the final design to ultimately pre-validate the design prior to testing. However, an "optimized" design is more likely to pass the test, or exceed the performance goals as long as the criteria and goals have been setup properly. In many cases, the software can also handle a wide variety of manufacturing processes constraints, such as enforcing the design to be symmetrical or made of sheet metal, molding, casting, additive manufacturing processes.
Below is a comprehensive list of commercially available Top Opt and Generative software (if we missed one, let us know!)