For a while, Google gave you good boy points for including microformats, and they still offer tests and validators [0] to tell you what the crawlers get out of your page. Supposedly microformats would not just give you better SEO ranking but also help Google connect people (like the fediverse) to accounts, so that you could surface things relevant to person by searching for the person.
[0] https://developers.google.com/search/docs/appearance/structu...
Google was a driver in practice. Accessibility and better web experiences were important to those involved. The reality was that people interested in this area were at the bleeding edge. Many people still held onto tables for site layout and Flash was still a default option for some in the period when microformats emerged.
People always mention RDF when the semantic web comes up. It's really important to understand where W3C was in the early-2000s and that RDF was driven by those with an academic bent. No one working with microformats was interested in anything beyond the RDF basics because they were too impractical for use by web devs. Part of this was complexity (OWL, anyone?), but the main part was browser and tool support.
There's nothing wrong with RDF itself, the modern plain-text and JSON serializations are very simple and elegant. Even things like OWL are being reworked now with efforts like SHACL and ShEx (see e.g. https://arxiv.org/abs/2108.06096 for a description of how these relate to the more logical/formal, OWL-centered point of view).