Of course, for an EOS to be useful at the critical point you have to believe that there is such a thing as continuum or even thermodynamic equilibrium at the critical point ;-)
There is also new developments on "Phase equilibria" over the critical point,because it seems that supercritical fluids do present some sort of continuous phase transition between a liquid-like state and a gas-like state. there is this thing named the widom line that marks this separation, But not all EoS even present this line..., "are there phases in the supercritical fluid?" is a research question in that sense.
The Widom line(s) are somewhat arbitrarily and ambiguously defined, so I'm not a big fan (pseudo boiling all the way!), but the whole point there is that there is no phase equilibrium at supercritical conditions. However, just because we never observe supercritical liquids and gases simultaneously in equilibrium, does not mean they don't exist. They absolutely do and do lead to a phase transition between liquids and gases - just not coexisting.
This also means that your other comment needs a revision: we absolutely do have something akin to boiling at supercritical conditions, even with macroscopic effects, such as the (subcritical) boiling crisis <> (supercritical) heat transfer deterioration.
I agree with the Widom line, at the moment i haven't found any concrete relation to calculate those from a equation of state functional. if there is something concrete, i would be glad to code it.
A (or even the) phenomenologically useful reason anyone ever cares about supercriticality in industry is to use a chemical as a solvent. This seems like a precise statement of what makes it so. You know anything else that would be related?
On the viscosity front, there is this new framework named Entropy Scaling, that postulates that scaled viscosity ≈ f(residual entropy)^(2/3).
There is also new work on calculation of interfacial tensions from pure equations of state,that are relevant because you could have a two phase liquid-liquid mix and you want to transport something from one liquid phase to another. Also, as the article says, over the critical point, there is no surface tension, because there is only one phase. (do not take this phrase literally, because that only happens in a pure compound, as soon as you have a mixture, the surface tension will depend on all elements of the mixture)
Furthermore, some fluid mixtures present something called UCST (upper critical solution temperatures) and LCST (lower critical solution temperatures). imagine if you lower the temperature of and oil-water mixture and suddenly they start to mix. and if you keep lowering the temperature, they unmix again!, and of course, not every fluid presents those properties, but we need to understand those who do. and specially, calculate those points. Few if any industrial thermodynamic calculators can do this, because you require fourth order accurate derivatives (can this be solved with automatic differentiation like what they do with neural networks?, of course, but you need a differentiation-ready equation of state)
On more macro properties, supercritical cycles are useful. you can start from a liquid and end with a gas without boiling, if you pressurize your liquid over the critical pressure (isothermically) then lower the temperature (isobarically) and finally releasing pressure (isothermically). one advantage of doing that is that you don't produce bubbles or any kinetic artifacts that are present during a normal phase transition.
You want high pressures to achieve a high efficiency of a process (gas turbine, rocket, Diesel), then it's more of a side effect that the pressure is supercritical - I think that's what you allude to.
However, you may also want your fuel jet to mix more efficiently, so absence of phase equilibrium with surface tension may be advantageous.
You may also want a working fluid in a power cycle where expansion through a turbine does not end in subcritical spray that destroys your turbine blades.
You may also want to have a heat exchanger that does not have a 'boiling crisis', i.e. a subcritical vapor film that drastically reduces your heat flux when you exceed a certain limit temperature: think about it, the situation when your system gets unnaturally hot, and you really want to get rid of the heat, is when the heat transfer collapses. Now, there are subtleties about whether or where this can still happen at supercritical conditions, but let's just say for high enough pressures, a distinct phase transition no longer occurs (somewhere beyond 3 to 10 times the fluid critical pressure).