A well-regulated piano action makes it possible for pianist to intimately control the sounds that he/she creates. No amount of practice will compensate for a poorly regulated action. The piano action has evolved over the last few centuries to allow for a huge range of sounds: the softest of softs to the loudest of loud, the smoothest legato to the crispest staccato. As an action goes out of regulation through playing or simply the passage of time, the range of dynamics contracts and the ability of the pianist to control legato diminishes. By some counts, there are up to 37 individual adjustments for each of the 88 keys on the piano. That is a lot of potential for maladjustment.
The fact that newer pianos (or new actions in older pianos) require more attention to regulation seems counterintuitive. Since the felt cushions have not been compacted through use and the effects of gravity over time, the adjustments change more quickly than after the felt has settled to its ultimate dimensions. It is important to have more frequent regulations for the first several years with new pianos.
Most piano owners understand the need for regular tunings for their pianos but regulation is commonly overlooked. Perhaps an easy analogy is that tuning is similar to putting gasoline in the car. But occasionally an oil change is needed or the tire pressure checked. Regulation is the oil change and adjusting the tire pressure for the change of seasons.