On one of my one-off side projects(http://gifmachine.xwl.me/), there's a rather silly example of the importance of loading bars.
In the first version, the design was quite bare. There were a couple of textinputs and a "make gif" button. The way the code happens to work, when you press the "make gif" button the web page would just sit there till you where re-directed to your finished gif.
The first bit of advice I got from anyone was "this is sooo slow, what's happening?" The problem was, I didn't actually have any way to understand how long/what was going on in the backend. So I decided to take the next best approach:
I fake it.
As soon as you click the "make a gif" button, the bar starts loading. However, that bar has no basis in reality. It takes exactly 40 seconds to fill up, no matter what's going on.
However, everyone loves it! All the comments I got said how much better it seemed to make the experience. Even though it's a fake loading bar.