Standards are critical to the successful development of emerging technologies, and Polkadot is no exception. It's important because the proper standard set at the right time can help improve interoperability and build trust within the technology ecosystem (opening the doors to mass adoption).
Benchmarks like these are crucial to enable token-based smart contracts that interact with each other. Without a standard, anyone can develop and deploy their own smart contract. The problem with this approach is that they would have to expose the same function signature to enable true interoperability.