Links still matter because trust still matters.
A strong backlink profile can help search engines understand that your business is credible, relevant, and connected to the market it serves. The problem is that link building has been misused for years. Cheap link packages, irrelevant guest posts, private blog networks, and bulk directory submissions may create activity, but they do not build a brand worth trusting.
Before building links, it helps to know where authority is missing and which pages deserve support first.