This feature is currently in beta so not everyone will have access to it. If you're on the WhatsApp beta programme, you can download the latest version, and check for yourself. Since it's already on beta, we expect WhatsApp to roll it out for everyone else soon.
Meta AI isn't your average chatbot as it comes with some advanced capabilities. It comes with a tool for image generation. So you can give the AI text prompts to create "photorealistic images,". The AI assistant can also offer recommendations, tell jokes, and answer regular questions. Meta also showed an example of asking the AI chatbot for a mocktail recommendation.
It looks like Meta is pushing with its AI work especially in making it widely available. It recently announced AI-powered image and video editing tools for Instagram. This would bring Photoshop-like editing tools directly to Instagram that anyone use without the need of technical skills.