From the title, I thought were going to say they all boiled down to letting you know where not to step if you want to graduate.
But seriously, I think seeing it as a process of self-discovery for your kid can be helpful in terms of managing expectations and staying positive about the process. I also think that framing helps explain why if money and/or time is tight, you can do things like just sample a variety of close schools, or schools in one convenient travel location. Even if those are not the actual schools being considered for the list, that sort of process can plausibly still capture most of the self-discovery benefit.
And then of course if time and finances allow, you can also do a short list of post-offer visits. I tend to think that is when many kids are finally ready to make the tough decisions, including about what they REALLY prioritize, with a four-year commitment to a place right in front of them.