It matters because it is the only routine occasion where you are in front of a decision-maker discussing next year rather than last week's outage. Budget gets shaped in these conversations before it is allocated elsewhere, and risk gets heard while there is still time to act on it rather than during an incident.
It is also the meeting that most often gets cancelled, because it is not urgent. That is precisely the problem: the work that is never urgent is the work that decides whether you are a supplier or an advisor.
The common failure is turning it into a ticket report. Reciting closed tickets tells an owner nothing they can act on, and quietly frames your value as the volume of problems you had. A review that works spends most of its time on the client's business — what is changing, what is being planned, what is worrying them — and only part of it on your service. If you cannot fill it without ticket counts, the meeting is telling you something about the relationship.