Form Changer has four forms though, not two (base, two green forms, one yellow form).
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I think the intended main gimmick of Modular is that each mode offers drawbacks, in addition to advantages. Each mode restricts what abilities you can use and limits you to only a subset of your powers. In exchange though, the abilities that modular offers are very powerful.
Basically it’s about high-risk-high-reward. You have the potential be even more effective than most heroes, but also the risk of being stuck in the wrong mode and being unable to contribute.
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Form Changer is more about flexibility. Each of your forms is good at a different thing, but they also don’t restrict what you can do at all. You can even swap out your powers entirely between different forms, which isn’t something that Modular offers. In exchange, Form Changer’s abilities are less powerful than Modular’s.
Form Changer is comparatively much easier to build and play than Modular, while still offering greater flexibility than most heroes.