It matters because it is the difference between being a vendor and being consulted. The meeting is where budget for next year gets discussed before it is allocated elsewhere, and where a client hears about risk while there is still time to act on it rather than after an incident.
The common failure is turning it into a ticket report. A recital of last quarter's closed tickets tells an owner nothing they can act on and quietly frames your value as volume of problems. The meeting works when most of it is about their business and only part of it is about your service.