Why do people use wrapped ETH?

Why do individuals opt for wrapped ETH? Could you elaborate on the reasons behind this choice? It seems to be gaining quite some popularity in the crypto sphere, and I'm curious as to what makes it stand out. Is it its compatibility with other blockchains? Or does it offer some unique financial advantages? Also, how does wrapped ETH differ from regular ETH? Is there a significant difference in terms of usage and functionality? I'd appreciate it if you could provide a clear and concise explanation of the appeal of wrapped ETH.