What a subtitle file becomes
An SRT is a numbered list of timed fragments. Stripped of its timings it becomes a transcript, which is a different kind of document: searchable, quotable, and readable at your own pace rather than the video's.
That is usually the point of the conversion. A lecture you want to revise from, an interview you need a quote out of, a film you are studying, or a back catalogue you want to make searchable without watching it again.

