In an inbounds getelementptr, when an index produces a constant non-negative offset to add to the base, the add can be assumed to not have unsigned overflow.
This relies on the assumption that addresses can't occupy more than half the address space, which isn't possible in C because it wouldn't be possible to represent the difference between the start of the object and one-past-the-end in a ptrdiff_t.
Setting the NoUnsignedWrap flag is theoretically useful in general, and specifically useful to the WebAssembly backend, since it permits stronger constant offset folding.