The “edge” in this case is the browser (from a pure WASM standpoint, though I see these guys also offer a hosted serverless version too).
For most general-purpose applications, there’s no point to WASM. But some apps may run specific functions which take a long time (e.g. bulk/batch processing), and being able to execute those tasks securely on the client side provides immediate feedback and better UX.
That’s just one use case. Another is that WASM makes PHP portable, in the sense it can run in any web browser without the need for a back-end server. Lots of potential opportunities for distributing software which runs completely locally.