Pretty much the title. I took before and after screenshots of adding the weapon to junk, but I found out it also removes the mods from armor and it works both ways. You can also see there's a significant loss of value (varies depending on the weapon and mods, of course).
Maybe it's a bug. Maybe I've just discovered a tiny pocket rift eating up my equipment mods! Oooh the implications! Perhaps we can adapt this technology to force our enemies to fight in their skivvies!