[deleted] If I have your permission to lie a little I'll give it a try.
I believe the basic idea is that each web service you use (e.g., Twitter, Google) negotiates a very-long random password with one of your devices (e.g., your Pixel phone) to use when logging in to that web service. Then you don't need to remember a password for that web service, and they don't need to worry that you've picked a short password or a password you've used for every other web service. All you need to do is to carry your phone and remember how to unlock your phone, which you probably do naturally, and it's always great if a security scheme relies on what you naturally do instead of things that are annoying for you to do (like remember a different long password for each web service).
I lied when I said it's a password. It's not really the same thing as a password, so it can't be stolen while you're logging in to the web service, and if you are tricked into logging in to something that isn't the service you think it is, the passkey just won't work, so unlike a password it can't be phished.
I also lied when I said it's a separate password for each device, because some device ecosystems (e.g., Apple) have ways to synchronize a passkey across all of your devices. So if you want to log into Google Drive and your iPhone has a passkey for Google then your iPad will too.
If you already use a password manager with long random passwords, especially if your password manager does cloud synching between devices, then your setup is similar in many ways to what passkeys will do. Passkeys arguably are better because passkeys can't be phished, and also because lots and lots of people don't use per-site long random passwords, so passkeys might be a way to get a couple billion people to stop using "dog1234" as their password for 100 different web services.
Does that help?