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ELI5: Please explain The Internet of Things

Could someone please explain in simple terms what the Internet of Things or IoT is? The Wikipedia page is a bit vague.
gpt
It’s a blanket term for devices that are embedded with hardware to connect over the internet that do not conform to existing device categories like laptops, desktops, cell phones, etc. 

Examples of IoT devices: thermostats, outlets/power strips, home appliances, raspberry pi projects, etc. The key is that these are all devices that previously did not connect to the internet and now have embedded hardware enabling them to do so. 

Embedded in this case means someone took a device like a microwave, added a bit of hardware like a raspberry pi, added some sensors with an operating system and then connected the whole thing to the internet. 

These devices often are subject to cybersecurity issues. Manufacturers have little to no standardized operating systems, most lack the ability to update automatically and many never receive updates at all. 

The term IoT is essentially how we classify all of these devices and the collective issues they all face. Such as the aforementioned security issues.