Technology
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Most people that have password managers are already using different passwords for each website. Usually randomly generated. What's the difference between that and a passkey?
A pass key is the private key in a private/public key pair. The private key is stored in the TPM on your device. The website contains the public key. When you use your "one password" you're in effect giving your device permission to access the key storage in your TPM to fetch the private key to present it to the site.
What this means in practice is that if a website has a data breach they won't have your hashed password, only your public key which... is public. It doesn't and can't do anything on its own. It needs the private key, which again only you have and the website doesn't store, to do anything at all.
If you want to read more about it look into cryptographic key pairs. Pretty neat how they work.
I'm not sure there's a requirement for the TPM to be used. To me that would imply the private key is stored in the TPM so you couldn't export it. But a lot of the passkey providers have remote sync available.
Which to implement, would mean they're storing the key outside of the TPM, but using the local TPM to decrypt the secret stored outside of the TPM. IE the certificate payloads are decryptable by a variety of keys that are stored in different TPMs. There's lots of assumptions here of course.
It would be backed up at the point of provisioning.
A TPM can be set to allow exports or block them, so if you program the TPM to export a key once and then flip the switch to block exports then you can have this kind of backups and synchronization