As for your last sentence:
Businesses really do care about the incident reports because they give good insight into whether they can trust the company going forward. Full transparency and a clear path to non-repetition due to process or software changes are called for. You be the judge of whether or not you think that standard has been met.
Becuase management wants to know why the graphs all went to zero, and the engineers have nothing else to do but relay the incident report.
This builds a perception for management of the vendor, and if the perception is that the vendor doesnt tell them shit or doesnt even seem to know theres an outage, then management can decide to shift vendors
Incident reports themselves are highly technical, so will not reach management because they are most likely simply not equipped to deal with them. But the CTOs of the companies will take notice, especially when their own committed SLAs are endangered and their own management asks them for an explanation. CF makes them all look bad right now.