What is "wow"?
Basically, on analog media, playback speed isn't perfect. There's constant speedups and slowdowns. This creates a "waa waa" or "wow wow" effect that's noticeable when playing a constant pure tone.
It's a kind of pitch instability: https://en.wikipedia.org/wiki/Wow_(recording)
Half of wow and flutter. The tape speed wasn't perfectly constant, so the pitch wobbled.
Wow was slow speed variations (under 4Hz). Flutter was quicker warbles.
Both were caused mechanically. The rubber wheel - pinch roller - that moved the tape might not be perfectly circular, the motor that pulled the reels might be uneven, and the tape case sometimes pressed on the tape reels causing variable friction.
Analog media really were a bit crap. I get the creative distortion idea, but even so - ewww. I'm so happy these kinds of imperfections are optional now, and not baked into music distribution systems as an expected flaw.