https://1password.com/product/passkeys
The super simple explanation is: SSH keys for websites.
You have a unique private key for each website account stored on your device, in a local password manager, or in a cloud synced password manager (iCloud account, Google account, 1Password, etc).
The website only gets the public key, so unlike password auth your secret is never given to the website.
When accessing that website, the website can send a challenge which your browser answers using your private key associated with that specific domain.
(I'm not a passkey expert and there are a lot more technical details to this, but this is my 10,000ft mental model of what's going on)