By its very nature, cached content can fall out of date: browsers will try to ensure this doesn't happen, but it can, and that might mean you're looking at information, links, and images that are no longer accurate or relevant.
Discrepancies between cached content and what's actually on the internet can cause all sorts of weird bugs, such as pages not loading properly or web apps malfunctioning.
Cached content can represent a security vulnerability, potentially disclosing your online activity to a skilled hacker with physical access to your computer.
Clearing the cache resets the browser's relationship to the webpage, often resolving site problems, distinct from clearing cookies which store user identification.
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