For illustrative purposes, you could think of a static binary kind of like a Docker container. Like a container, within the binary is all of its dependencies, meaning that you are free to install conflicting libraries on the system.

If you use dynamically linked binaries, you rely on the system to have the version of the library you need, and hope that your reliance on those libraries does not break other applications which may rely on different versions of those libs.

Static == everything you need bundled up Dynamic == relies on libraries present on the host to provide aspects of functionality