$\newcommand{\Reals}{\mathbf{R}}$The blue vector in Wikipedia's image is a representation of the common velocity at the point $x$ to an equivalence class of curves in $M$. To explain the sense in which the blue arrow "represents a velocity" we have to be honest about a certain "abuse of geometry" inherent such a diagram.
Cartesian three-space $\Reals^{3}$ has a tangent space $T_{x}\Reals^{3}$ at each point $x$, consisting of all velocities $\gamma'(0)$ of differentiable paths satisfying $\gamma(0) = x$. This tangent space is more-or-less naturally identified with $\Reals^{3}$ itself: We view each vector $v$ as the velocity at $t = 0$ of the path $\gamma(t) = x + tv$, or using Wikipedia's definition, with the set of differentiable paths through $x$ and having velocity $v$ at $x$. However, the manifold $\Reals^{3}$ and the tangent space $T_{x}\Reals^{3}$ are not literally the same entity.
The last point is clarified by considering the family of all tangent spaces, (the total space of) the tangent bundle $T\Reals^{3}$, which we identify with $\Reals^{3} \times \Reals^{3}$. An ordered pair $(x, v)$ may be viewed as a tangent vector at $x$. The vector space structure (vector addition, scalar multiplication) resides only in the second component: For an arbitrary point $x$, for vectors $v$ and $w$, and for a scalar $c$, we have $(x, v) + c(x, w) = (x, v + cw)$. This is the only meaningful vector operation on pairs $(x, v)$. The manifold $\Reals^{3}$ is identified with the set of $(x, 0)$, a.k.a. the zero section of the tangent bundle. The tangent space $T_{x}\Reals^{3}$ is the set of pairs $(x, v)$ with $v$ in $\Reals^{3}$.
We're now in a position to explain the abuse of geometry mentioned earlier: The tangent bundle of $\Reals^{3}$ is six dimensional, and therefore vexing to visualize. We may, however, depict a tangent vector $(x, v)$ as the arrow in $\Reals^{3}$ from $x$ to $x + v$. In other words, we map the tangent bundle to Cartesian space by the mapping $(x, v) \mapsto x + v$. The velocity $(x, v)$, which lives in the tangent bundle, is now represented in the same Cartesian space containing the objects (typically curves or surfaces) that gave rise to the velocity we wanted to picture. Similarly, the "tangent plane" $T_{x}M$ in the diagram is a subspace of $T_{x}\Reals^{3}$; our conventional representation maps this plane to the plane through $x$ that "looks tangent" to the surface $M$. The vector space structure is defined geometrically by arrows based at the point of tangency. Strictly, this plane does not occupy the same space as $M$, either.
Moving beyond the scope of the question (as it were), if we tried to draw two tangent planes to $M$ at different points, the representations would generally intersect along a line, but the tangent spaces themselves do not intersect, because they are subsets of distinct tangent spaces of $\Reals^{3}$, and distinct tangnt spaces are disjoint.
The modern viewpoint of abstract manifolds defines tangent vectors as "data structures" generalizing the "classical" picture in Cartesian space, but in a way depending only on the manifold structure. (Particularly, geometers prefer not to think of manifolds as subsets of a Cartesian space, since that fixes additional structure.) "Equivalence classes of velocities of differentiable paths" is one idiom. But there are other definitions, such as derivations (first-order differential operators) on the algebra of smooth functions. The crucial feature, whatever the definition, is that tangent vectors transform compatibly with the chain rule under change of coordinates.