Earlier quoted context omitted.
You make it sound nefarious for them to loan power tools somehow, while it seems like it's just an identified community need niche that they can service that no other organization will, the same as offering free tax advice or ESL classes or anything else.
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The discoverability of new books is excellent, librarians routinely make a selection of books on some topics, it may be a generic one "history", specific one "important people in history" which are way better than any other system that tries to recommend me books
Last, but not least, libraries are on of the few remaining places "for the people, by the people". You're not expected to pay anything, you can walk in any, take a book, read it, sit down and relax. It's also a place where a lot of students can go to study in silence, I can't think of many other places which offer a similar quietitude.
It would be a disservice to reduce libraries to "places where you can read Taylor swift books" (not that there's anything wrong with reading Taylor swift or Spare), losing libraries would mean loosing one of the remaining "third places" we have in our always more disconnect society