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Interesting thread. I had to think about this one.
I guess for me a waifu isn't necessarily like an imaginary girlfriend or what have you, but instead like a guardian angel if that makes sense. While they don't exist, I know she'll always be there to guide me when I need someone. I can look at a cute picture of her and smile when I feel lonely, and a lot of times the characters show up in my dreams and I can wake up feeling refreshed and motivated.
A waifu, also, provides guidance in the sense that I know what I'm looking for irl. A sort of ideal, a way for me to know what would and wouldn't make me happy in both myself and a partner. Before I was always lonely and regretful. Now I know who I want to find and I'm working on figuring out who I want to be. A waifu has taught me to never settle because doing so isn't what will make me happy.
Above all, though, a waifu is a friend, and everyone needs a friend.