Imagine I have a Snippet and a Page containing it:
@register_snippet
class MySnippet(models.Model):
    content = models.CharField(max_length=255)
class MyPage(Page):
    snippet = models.ForeignKey('MySnippet', null=True, blank=True, on_delete=models.SET_NULL, related_name='+')
    api_fields = [
        APIFiled('snippet')
    ]
Now in the wagtail API page endpoint this page will look like this:
{
    "id": 1,
    "meta": { ... },
    "snippet": {
        "id": 1,
        "meta": {
            "type": "my_module.MySnippet"
        }
    }
}
What can I do to make this endpoint displaying snippet's content?
Also, how do I create a separate API endpoint only for snippets?
I'm not sure how to answer the main question, but I can help with creating separate API endpoints for snippets.
You have to create an endpoints.py file in your app root, using the existing Wagtail endpoint classes as a base, such as BaseAPIEndpoint
Then, register the new endpoint in your api.py file.
endpoints.py
from wagtail.api.v2.endpoints import BaseAPIEndpoint
from .models import MySnippetModel
class MySnippetModelAPIEndpoint(BaseAPIEndpoint):
    model = MySnippetModel
    body_fields = BaseAPIEndpoint.body_fields + [
        'field_1',
        'field_2',
        'field_3',
    ]
    listing_default_fields = BaseAPIEndpoint.listing_default_fields = [
        'field_1',
        'field_2',
        'field_3',
    ]
api.py
from .endpoints import MySnippetModelAPIEndpoint
...
sua_api_router.register_endpoint('snippets', MySnippetModelAPIEndpoint)
I would also look at the endpoints.py file in Wagtail core, so you can see what else you can extend or modify.
https://github.com/wagtail/wagtail/blob/master/wagtail/api/v2/endpoints.py
Here's how I did it, it was a simple enough representation though in my case
from rest_framework import serializers
class MyPage(Page):
    snippet = models.ForeignKey('MySnippet', null=True, blank=True, on_delete=models.SET_NULL, related_name='+')
    api_fields = [
        APIField('snippet', serializer=serializers.StringRelatedField(many=True))
    ]
And you can add a 'str' method to your snippet
@register_snippet
class MySnippet(models.Model):
    content = models.CharField(max_length=255)
        def __str__(self):
            return self.content
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