I'm not really sure what a compiler target is in the context of a web assembly, but in your example I would assume it means you have a compiler that translates your C, C++, or Rust code to web assembly.
More generally, compilers are translators that accept an input in the form of one programming language and translate it to produce an output in another form. GCC, either general UNIX or Intel specific, will produce assembly or object code for your specific computer system or architecture. So, as the translator, a compiler accepts an input as the source and produces an output as the target. Usually, compilers produce code for a particular processor or architecture. In an embedded context, compilers produce code for a target processor or architecture. Usually, embedded systems will refer to the target such that the compiler targets a specific CPU architecture.
From the perspective of embedded systems, cross-compiling is also not uncommon. Cross-compiling is a process where a program is compiled on a host system, whose architecture differs from that of the target system. E.g. You can run GCC on Linux with an x86 processor to compile C into ARM C/assembly.
Multi-target compilers also offer compiler switches to support multiple target architectures.
So, a compiler target is simply the output of the compile operation.