Website setting is important because in your website settings you set the keywords and description for your website.
Those two are very important factors in SEO and have also further meaning relating to Search Engine Results Page (SERPs).
1. The website description can serve as an area where you push keywords to help index your website. When writing a description choose the most valuable keywords for your website and insert them a couple of time into your description
2. The description on some search engines (as Google) is what will be shown as the description in the SERPs (Search engine results pages). A good description is many times a call to action to click the website link and enter the website (getting traffic).