It makes PS Remote Play (streaming games from the PS to another device) on iPhone (via the iOS app) as close as possible to the PS style, at least from a design and visual standpoint. The ergonomics are different if you compare it to the original PS controller.
The controller comes in White and features a faithful reproduction of the translucent buttons. It is a better companion to your existing PlayStation accessories than the original (non-PS-licensed) controller, which looks plainer and less PS-like.
This licensed controller does cost the same $99.99 price (on Amazon), which is not cheap for this category, but users seem satisfied with the product. The design is flexible and works back to the iPhone 6s.
PS Remote Play aside, it also works with Xbox Remote Play, Steam Link, GeForce Now, and more cloud gaming platforms.