Just imagine a world where LinkedIn didn’t exist. Countless other companies could’ve formed to build something far better. But because of network effects we get stuck with whatever horrible design won because they were first and scaled up.
On a personal basis--and leaving aside the marketing benefits that companies see--it's basically a self-updating Rolodex. I selectively accept invites, haven't updated my sparse resume in over a decade, and use it to check where people are or what their titles are.