They named it AI because it massively boosts embarrassingly parallel workloads. You can think of Processing In Memory as rendering the mapPartitions() operation free in Spark's MapReduce ML workloads.
Some algorithms like DNA sequencing have a tradeoff between map and reduce [1]: you spend more time generating higher quality matches between the short sequences (map), before sending them for global matching (reduce). And PIM lets you exploit that.
For an order of magnitude: the average Intel has about 60GB/s of RAM bandwidth per socket. 256 GB of UPMEM's RAM let you have 2.5TB/s of local bandwidth to a computation unit (to 2560 'dumb' cores @400Mhz) [2].
[1] https://www.researchgate.net/publication/346703874_Variant_C...