What is the point of the concept of virginity?

There are discussions of whether various acts count as losing one’s virginity or not. This makes me wonder why we care? What is the point of virginity? There must be something more at stake than that which can be resolved by a rather technical discussion.

Are we really talking about whether a woman is fit to be a wife according to old testament standards? Is this about whether the child is yours? Or is there some other standard here, because by the standard of whose child it might be, oral and anal sex don’t count for anything.