I admit there's lots of geeky stuff that's at least semi-cosmetic that rooting gets you. And a big part of it is "just because" and "sticking it to the man" for sure.
However, there are some very pragmatic reasons to root your phone too.
You can install Cerberus into your ROM and keep the phone more or less permanently lojacked even if the thief wipes or factory resets the phone.
You can overclock the phone for more performance.
You can get rid of the carriers shovelware apps.
You can run some incredibly useful or time-saving apps that require root access, like:
Titanium Backup. Full system and app backups to the SD card.
SSH secure VPN tunnels.
Adblock Plus.
DriveDroid, turns your phone into a smarter more interactive version of a Linux Boot USB drive for PC's.
Call master which will block unwanted, hidden or spoofed Caller-ID calls. (EXTREMELY difficult to do on most carriers even though some claim to allow some call filtering)
SetDNS allows you to select context-specific DNS servers for name resolution for internet connectivity which can speed up internet use greatly. Pick different DNS servers depending if connecting on 3 & 4G or WiFi, when you know depending on the network which DNS server is "closer" to you.
That's just some of the benefits off the top of my head.
You can install a completely different Android OS like Cyanogenmod, which can give you much more piece of mind that there's no more "whatever" the carrier wants to have spying on you hidden in the stock phone's OS.