Storytelling is used to build an identity people get attached to these things. Stories that we hear in our childhood can build up our image of how things are supposed to be.
you could sell a red shirt or you can sell it as a cool magma sweater for young kids. Merchandise is so huge, products that all do the same things can get sold over and over again, things like a cup or pen because they have the image of a movie character you really liked. It's things like that that allow us to stand out from others.
They can also be used to deceive people with false ideals. Propaganda is built upon things like very manipulative storytelling. It's to build a sense of unity but in this individual ideals also get lost and reduced to a simple ideal. This can blind people in their view and perspective which is a terrifying thing.
Also when we think of developing new ideas it can be problematic if we only look at the product that resonates the most with us. We dont invest in the best solution but in the person that sells the best story. A decision like that can have drastic consequences for the future because once people are invested in an idea it's hard to convince them of the opposite. We have to ask ourselves if the product we put our faith into can really do the things we think it can do. We shouldn't design for just the idea of a future but for the present.