Do you mean the speech, or the actual current condition of the nation?
The speech is mostly a tool for the president to have everyone look at them and announce what The Agenda™ for the year should be. Congress doesn't have to listen, but if the presidents party controls either house, their role as the head of the party pretty much ensures that there will at least be bills proposed on their agenda.
Usually don't bother to watch it and instead read the summary unless it's during a rough time or we have reason to expect something interesting, like the 2021 speech. Lot of infrastructure talk, and we just had some pretty scary things happen.