Observable collections

I just came across this line of code:
New-Object ‘System.Collections.ObjectModel.ObservableCollection[System.Object]’

When I search I get loads of examples but I couldn’t find a basic description.
Why would I use an observable collection over a normal collection?
It appears to be aligned with windows forms but does it have uses other than with forms?

They fire events when the collection is modified, so you can write code to respond to that. Thus, the collection is “observable.”