It stands for Poor-experience Web Applications. It’s basically website + more JavaScript to get some features somewhat working without network. It’s marketed as the next generation tech for mobile web application but the truth is that without access to the underlying API it’s hard to even get close to native capabilities. And as the web is already super bloated I don’t think it would be a good idea to add more.
Finally, someone who puts it, a website must be a website, an app must be an app. I don't understand why people go crazy for an abomination of dead service workers for something that runs on APIs almost all the time.