In a nutshell, the Wildcard/Dynamic options of an element are used to identify that particular element dynamically from the diagram.
For example, you have a Windows application whose Title bar always shows the customer number (in the format Customer Number: 12345) depending on which customer's screen you have opened. So this is always going to change and you do not know these details at design time. But one thing is constant in the title - "Customer Number:". A wild card can be used in this scenario.
In this case during spying you will find out which attribute shows the Customer Number details in its value. For example lets say the name of the attribute is "Window Title". So you will go to the Match Type column of the Window Title and change it to Wildcard. In the Value column you will be giving as Customer Number:*
Notice the wild card asterisk sign. Now Blue Prism will detect a window that matches this wild card entry and you can take the next course of action once you have the right window with you. It is just like when you do a search on Windows file and when you want to search all text files starting with the word Customer then you give the Search parameter as Customer*.txt.
Similarly Dynamic option is used by Blue Prism to identify an element at end time.
As soon as you change an attribute to Dynamic, then in the Navigate, Read and Write stages you will see the small three dotted button getting enabled. That is the place where you pass the dynamic values to the attributes.
As soon as you click this button it will give you an option to enter the values required for BP to identify an element.
You can see a visual representation of how dynamic attributes are used here. Video Link.