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But the real question is why it is needed.

Back in ye olden days, they used to write deeds in duplicate on the same piece of paper, and cut it in a jagged way so the two could be matched back together and you'd know they were both authentic. They are "indentures".

We don't use them now. Nor do we insist on counterparties sealing with their personal individual wax seal.

Because we are more sophisticated and generally it is not in issue whether a person entered into a contract or not.

What I am not clear about is why, or what value, there is in establishing via a blockchain, that XYZ entered into a contract.

What does it do that current methods of entering into contracts (which can include electronic signatures and indeed assenting approval of them by email) can not?