God, I hate 1:1s. In years on the job I've never had one that was useful. Managers already know what's going on because they're getting daily updates plus a weekly staff meeting. The rest of the time, please just leave me alone so I can work!
That would be great, however it is not always possible. Your manager may not be closely involved in your work, so for meaningful feedback they must bring focus from somewhere else. When calendar is packed with all sorts of meetings, it is easier to reserve dedicated time slot for you and guarantee that you will get all the attention this way. You may have never encountered a good manager, but they do exist. When I met one, I have got a massive decade long push in my career because of what I learned on those 1:1s.
My manager always say that my 1:1 are the easiest for him. I've asked him what in the world the other people are talking about that don't make them as easy, but his response is so vague (to maintain confidentiality) as to be useless. Not that I really want a longer 1:1...
It's for stuff that doesn't tend to come up in other ways, because there aren't jira tasks for mood. We skip about half of them when nothing in particular stands out for that week.
Then again, if you dislike your manager, the meetings can be pretty jarring. Sometimes you just don't have that chemistry with them. And some managers try too hard to make 1:1s "useful" according to their taste, which really makes them just another reporting session you want to avoid.