They are PCI cards, and they also sell ones that plug into a CPU socket or RAM socket that basically light up and give you codes that let you know if the system, CPU, RAM, socket, etc is working. If you have a board that won't post, you plug one of the CPU cards into the socket, turn on the PC, it simulates a CPU being plugged in and tests that it';s getting all the proper voltages, etc and if that comes up ok, then you know that the socket is fine, etc.
The problem I have with these from a business point of view is now you need a million different socket sizes, at least for the CPU ones to test all the known CPU's out there and that's gets expensive, just in the end to say, 90% of the time, the motherboard is dead. I could see them being useful in a refurb company or one that repairs MB's or something.
As for the PCI card ones, I had one before and it honestly goesn't give you much more info that most modern MB's do. Now any decent board has a CPU/GPU/RAM ok light already on the motherboard to let you know if one of those things has failed the boot up, or the beeping codes help you determine. They were more useful on older PC's where you didn't get any of that.