The Gelfand-Naimark theorem says that every commutative C*-algebra is isometrically isomorphic to $C_0(X)$, the set of continuous functions $f:X\rightarrow\mathbb{C}$ that vanish at infinity, for some locally compact Hausdorff space $X$.
What happens when we apply this construction to a commutative C*-algebra that looks almost like $C_0(X)$, but we relax one of the requirements? For example, we can consider the C*-algebra $C_b(Y)$, the set of bounded continuous functions $f:Y\rightarrow\mathbb{C}$, with no requirement they vanish at infinity. Is there any relation between the the space $Y$ of the original C*-algebra and the space $X$ that we generate using Gelfand-Naimark?
Bonus followup: What if Y is not Hausdorff? Or not locally compact?
Since $C_b(Y)$ has a unit, if it is isometrically $^*$-isomorphic to $C_0(X)$ then $C_0(X)$ must also have a unit, so $X$ is compact. This is intuitively why $X$ will need to be some sort of compactification of $Y$. To be exact, we will get the Stone Cech compactification.
The Stone Cech compactification $\beta Y$ of $Y$ comes with an embedding $\Delta:Y\to\beta Y$ such that $\Delta(Y)$ is dense in $\beta Y$. The important property is that $f\mapsto f\circ\Delta:C(\beta Y)\to C_b(Y)$ is an isometric $^*$-isomorphism. Since $\beta Y$ is by definition also compact, we have $C_0(\beta Y)=C(\beta Y)$, so $C_b(Y)$ is isometrically $^*$-isomorphic to $C_0(\beta Y)$.
Do note that $Y$ is required to be completely regular for the Stone Cech compactification to be well-defined. I do not know about the case where $Y$ is not completely regular.