I think it's worth adding another answer from the perspective of orthonormal basis functions ($\sin$/$\cos$). Any time you encode bits onto a carrier by phase shifts, you can do that using two "basis functions”— $\sin$ and $\cos$, basically. $\cos(x) = \sin(x + \tfrac{\pi}2)$. So a $\sin$ is just a $\cos$ with a phase shift. These are like unit vectors from geometry/physics free body diagrams; e.g. $\hat{x}$ and $\hat{y}$.
Just as you can create any vector in two dimensions by various linear combinations of $\hat{x}$ and $\hat{y}$, you can create any phase shift by linear combinations of $\sin$ and $\cos$. They aren't orthogonal unit vectors; they're orthonormal basis functions.
So when a receiver gets the phase-shifted signal, it splits it and sends it on two paths. One is correlated with a $\cos$, the other is correlated with a $\sin$, which lets the receiver determine how much $\cos$ is in the signal on the one path and how much $\sin$ is on the signal on the other path. This correlation is like taking a dot product for vectors. And the output is a scalar constant value--a number.
In phase, and quadrature. I values, and $Q$ values. $\cos$ is "in phase" (to itself). $\sin$ is quadrature—$90^{o}$ from the $\cos$.