Is adjustable geometry a genuine feature or just another gimmick?

The Nerds are finally back with another group show!
This week, one of the things we’re discussing is one of the hottest trends in gravel bikes: adjustable frame geometry. On paper, the idea of having multiple bike personalities in one sounds awfully appealing, but how much of a difference does it really make, and how many people are actually going to use it regularly? Is it a way to really make bikes better, or is it just a way bike brands can hedge their bets? And what happens if it’s done poorly?
As always, we have opinions.