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Web stories is essentially a Google product, a plugin that you download on WP. I use it to create something similar to FB/IG reels/stories with the added bonus that it can appear in Google discover. I had websites where one of these slides brought in 5k traffic per day for a short period of time.
They can also be monetized and I’m pretty sure it counts as google search traffic. This is what helped one of my websites to apply to Mediavine after only 6 months I created it.
So it can be quite good, if your niche fits the profile. Usually image heavy, visual websites in the fashion, cooking recipes, etc have a lot of success, at least in my experience.