We don’t really know (as far as I know – I am not a psychologist or an anthropologist). It seems to be part of social bonding within a group: it’s associated with play, and with social interactions. It isn’t really unique to humans: chimpanzees have a sort of panting noise that they make in much the same situations in which we laugh: playing, being tickled, etc. They just don’t make the same noise.
Laughter is a social interaction that helps people feel like part of the group. If people are laughing at the same time then they are sharing that feeling and it brings the group closer together. This has been beneficial for humans over the years, to form tight social groups.
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