If "most recent call last" means the most recent call is at the end of the stack, so what? What does this imply? How is this piece of information useful for me?

It just ensures you're reading the traceback in the correct order. Different programming languages show call stack traces in a different order. How would you interpret this stack trace?

foo()
bar()
baz()

Did baz call bar which called foo and you're looking at "the top" of the stack? Or did foo call bar which called baz? Depends on the language and its convention.

"Most recent call last" clarifies that it's the latter; foo came first, then bar, then baz.