Unfortunately, the designers of passkeys decided they should replace passwords and usernames and second factors.
Also they decided they should be cloud-synchronised, so the something-you-have second factor doesn't impose the burdensome requirement for you to have something, which was apparently a big usability problem.
Passkeys came together with multi-device syncing when Apple introduced them and IIRC it was pushed as their killer feature by Apple back then, but passkeys can also be completely device-bound. The marketing around this was all quite confusing, but it's a bit too late to fix now.
What we got, as far as the average consumer should be concerned, is that "passkey" is any authentication mechanism (not the actual credential) that can replace a password. And it's still confusing.