What inverse rendering recovers
With correct and affordable gradients, the applications follow from one capability: fitting physical scene parameters to observed images.
Material capture. Photograph a real surface under known lighting and recover its BSDF. The output is a physically meaningful material description, usable in any renderer and under any new lighting, which is what distinguishes it from copying pixels.
Geometry reconstruction. Recover shape from images, with the advantage that the model accounts for shading, shadows, and interreflection rather than treating them as nuisances.
Lighting estimation. Recover the illumination of a scene from photographs, which is what lets a virtual object be inserted into a real photograph and lit consistently.
Computational design. Run the optimisation in the other direction: rather than fitting to a photograph, specify a desired appearance and solve for the physical configuration that produces it. Caustic design, where a transparent surface is shaped so refracted light forms a chosen image, is the striking example.
That last category is worth noticing, because it uses the same machinery to design something manufacturable rather than to reconstruct something observed.

