A perfectly sharp edge barely exists in the real world — even the most angular object gets worn down just slightly in manufacturing. That’s why a mathematically perfect sharp edge in a render often reads as fake CG: a bevel adds a very narrow slanted (or rounded) face along that edge to bring the realism back.
There’s a more practical reason too. A perfectly sharp edge has its normal snap discontinuously at that line, so it can’t produce a crisp highlight when lit. The narrow face a bevel adds creates a region where the normal rotates smoothly, so light skimming across that angle draws a bright line running along it — that’s a big part of why product renders read as “premium.”
Blender’s Bevel modifier, Maya’s Chamfer, and C4D’s Bevel tool all let you control this with a width and a segment count (how rounded it gets). One segment gives an angular chamfer; several segments approach a rounded fillet.
When to use
Add it almost by default in product renders or hard-surface modeling whenever edges look flat and obviously CG.