Why it matters when you are writing
Apply the disagreement test to any candidate sentence. “This paper examines hedging in regulatory texts” cannot be disagreed with; it is an announcement. “Hedging in regulatory texts indexes enforcement capacity rather than legal complexity” can be disputed, which means somebody has to be persuaded, which means you have a paper. If nobody could take the other side, you have described a topic and not yet made a claim.
The thesis also governs structure. Every section should be defensible as support for it, and a section you cannot connect is either evidence the thesis needs revising or evidence the section does not belong. Working writers usually draft a provisional thesis, write the paper, discover what they actually argued, and rewrite the thesis to match. That is the normal order, not a failure of planning.
Longer academic work often states the claim across two or three sentences and adds a roadmap of the argument. Empirical papers frequently have no thesis statement at all — a research question and hypotheses do that work instead. Know which genre you are writing, because a thesis statement bolted onto a results paper reads as a category error.