"XL" isn't a good name for it really.
JPEG-XL offers numerous improvements over JPEG, including the ability to do a lossless transcoding of a JPEG file for a ~20% space saving. That alone is very valuable for the web where there is a vast amount of JPEG data that can be reduced now.
It also has proper HDR support, although it remains to be see how well that will work in practice. The issue is going to be the conversion for SDR screens. Also browsers need to be careful with HDR images, or retina burning trolling is going to become a think.
For general use it offers smaller file sizes and better image quality than JPEG. It usually equals or beats most other lossy formats, but not always. It also offers true lossless, and visually lossless modes. The former is competitive with PNG.
The main downside is that performance is much, much worse than JPEG. For decoding, what matters to 99.9% of people, it is both slower and uses more energy (i.e. battery run-time) than JPEG. It may be a net benefit due to smaller downloads, but I'm not convinced.
The other issue is that the reference decoder is written in Rust, so if you want to use it you need to integrate that into your app. There is a C implementation but it's old and seemingly abandoned.