Serverless hosting is a service that allows users to build and run applications without needing to manage or think about the server.
Serverless hosting allows more flexibility, scalability, and a quicker release time without needing to manage a backend server. Users are only charged for the server space they use, which keeps costs down. For scalibility, the user wont have problems with load times because it can scale and handle a large number of requests. Serverless websites are quick to update with little bits of code, and allows for faster patches and fixes.
Serverless hosting takes some of the time consuming parts out of running your own website, and is a cheaper way to do so. There are problems to be addressed with them though, such as testing and debugging being harder to do with not having access into backend processes. They also have security concerns if the vendor doesn't take due care with upkeeping the backend.