It should be used to make text styled italic. Most semantic uses for italic text are <em>
, as it is supported by screen-readers for emphasis.
<i>
and <b>
are slowly going out of fashion in favour of using CSS to style text, and preserving <em>
and <strong>
for accessibility reasons.
I guess that it was selected for icons since it is the closest element and makes alphabetic sense (i.e. i = icon).