IO-Link is not a field-bus. So it does not replace Profinet for example.
IO-Link is a way to get more control or diagnostics for single devices. Each device has a unique connection to the controller (like a single channel on an I/O module).
Even a simple switch or valve can be an IO-Link device. It can also simplify the installation if there are more complex devices such as motor starters with lots of monitoring going on.
We are implementing IO-Link in our projects right now. Primarily for simplifying things when we have motorstarters that we have traditionally made with multiple devices, current trasnformers, monitoring relays etc.