Although there is always the risk of spiralling down an echo chamber, having two or three people you know give a decent review to a book is a strong signal that you might enjoy it (or not, once you know those peoples' tastes).
So it saves me time and ensures a steady pipeline of "likely interesting stuff" to follow up on. Their e-mail newsletter is also likely to be the only one I let into my inbox willingly, just so I have an idea of what might be interesting to add to my queue.
Of course, the API deprecation is just bad. I've always been frustrated with the way Goodreads was integrated with the Kindle (it hardly, if ever, worked) and now syncing between Calibre and Goodreads is likely to stop working as well, so I won't have a non-wetbrain list of what I've read over the last decade or so.