Late Static Binding is something that helps us correctly resolve to static classes at run time. So when we use self keyword, PHP checks it at compile time which class to bind the method call to but when we use static keyword, PHP would check it late eg it would determine which class to use and bind method call to at runtime. Doing it at runtime is what helps PHP determine which class was meant.
Late static binding is used in PHP to use caller class information provided in static method call.