Blackbody radiation is characteristic of every object in thermodynamic equilibrium and black bodies at constant uniform temperature.
At any temperature objects emit thermal radiation. EM radiation is emitted because inside the object, due to thermal motion of particles charged particles/dipoles start to oscillate, electromagnetic radiation is emitted because of these vibrations. If the object is a black body at constant uniform temperature, the radiation is called blackbody radiation. The energy emitted by any object is always finite with certain distribution over the frequencies with peak at some frequency. We cannot naively expect the energy emitted with all the frequencies carrying equal weight. This is a phenomenon which happens and is observed. This is explained quantum mechanically, infact this led to the development of quantum mechanics.
So a cavity with a small hole with EM radiation inside it is appropriate to study mathematically and is a near perfect blackbody because the hole allows negligible radiation to enter the cavity so that it affects negligibly the thermal equilibrium condition and we can have a very near thermal equilibrium and observe blackbody radiation from it. Rayleigh and jeans couldn't explain blackbody spectrum at higher frequencies, their law predicted infinte spectral radiance at infinite frequencies. Planck gave the solution to the ultraviolet catastrophe(infinite spectral radiance at infinite frequencies) and explained the spectrum of blackbody radiation by assuming the energy of the oscillators inside the cavity to be series of discrete values but not continuous which eventually results in spectral radiance going to zero at higher and infinite frequencies with peak at some frequency.
Radiations emitted by ordinary objects can be approximated as blackbody radiation, they are nearly in thermal equilibrium.
One of the importance is that to know the temperature of a star, the relation between the temperature and wavelength of the peak, called wien's displacement law, evaluated from planck's radiation formula, is used approximating the radiation to be blackbody radiation.