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"as a power unit supplier"
Perhaps to balance out the recent loss of Honda as a power unit supplier.
I wonder why F1 website is just announcing this today when months ago this was known.

https://www.autoweek.com/racing/formula-1/a39875748/volkswag...

Because there will be some kind of razzmatazz at the Grand Prix this weekend.
I think because it wasn't known whether there would be 2 teams as rivals (porsche as well) even though they're both owned by VW, or they would compete under one name. I think othe other option was that they would only supply engines, if I remember correctly. Anyway, it's great too see them joining!