I have been going through some tutorials on the tag, but I honestly don\'t see why we are using it.
For example:
Published
time
elementWhen in doubt look at the spec!
The time element represents its contents, along with a machine-readable form of those contents in the datetime attribute. The kind of content is limited to various kinds of dates, times, time-zone offsets, and durations, as described below.
From the HTML5.2 spec on the W3C site: https://www.w3.org/TR/html52/textlevel-semantics.html#the-time-element
Have a look at the site for more info. :)