I often wonder what value it actually is.
Sure, you might understand your demographics better.. if you presume that the analytics are faultless at telling you this- which they're really not.
If you care about how your site is used, you don't need to set any cookies.
For my company, being able to view the user journey throughout the site in the analytics is pretty valuable.
We don't care who the specific users are - but the tracking gives us an idea of how many people use the site? do they have a good experience? are they giving us money? do we have a bug somewhere we're missing? etc.
All that is valuable as a business.