I often say that the login is the front door to your application.
You may want it to look pretty, but what you really want is for folks to get through it as quickly as possible so they can get to the good stuff: the features of your application.
Tracking failure rates over time helps you make sure your front door is working.
(You also want to make sure only the right folks get through.)
I have had failed logins in a old but neccessary microsoft account about 20 times a day from Random IP's in Random Countries over the last 3 years (Could be more, but I only checked so far back)
I can see every attempt, unsuccessful as they are, which is nice, but I'm also surprised that there's no rate limiting
For an account that's never been outside of the American Continent, I'm surprised a Gazillion attempts from Russia, Africa, or even Czechia don't ring any alarms (Or if they do, aren't visible)
You may want it to look pretty, but what you really want is for folks to get through it as quickly as possible so they can get to the good stuff: the features of your application.
Tracking failure rates over time helps you make sure your front door is working.
(You also want to make sure only the right folks get through.)