Earlier quoted context omitted.
As a Doctor, giving my patient a placebo sugar pill once a month is primarily for you. Not the Doctor. I won't let my staff ditch them 100% as there's also a component where I use them to charge their insurance. But for the most part, I treat it as their time.
There is at least one valid reason to do what GP suggested regarding 1:1s in my experience: If an employee is having an issue that they don't want to put in writing (or you sense this), oftentimes a one-on-one is the only way to coax it out. Particularly if they have an issue with leadership, HR, other managers, etc. Decent managers are also using 1:1s to make sure their employees are treated well in the org as a who…
However, another part of my job is to spot larger problems. That's an exercise in pattern matching. While you're talking I'm matching to keywords I've picked up in my travels. Other meetings, 1:1s, etc. Maybe there's a problem lurking down the road that's only visible if one assembles these disparate data. Sometimes those are problems for the employee that they themselves don't realize as you suggest, other times it has no direct connection to them but they're key to identifying the issue. That last part is why I don't agree with getting rid of 1:1s altogether.