USB stands for Universal Serial Bus and was created in 1995-96 by several companies to provide a universal standard for connecting devices to computers. It allows for bi-directional communication between devices at high speeds up to 10Gbps for USB 3.1. USB has evolved over time from Low Speed USB 1.0 at 1.5Mbps to Super Speed USB 3.1 at 10Gbps. Key components include the host computer, hubs for connecting multiple devices, and any peripheral devices.