From what I understand the Polyakov action in string theory is essentially something like
$$S(\xi, g, G)=\kappa \int_{\Sigma} d \mu_{g} \operatorname{Tr}_{g} \xi^{*} G$$
where $\Sigma$ is a given topological surface, $g$ is a Riemannian metric on it, $\xi:\Sigma\to M$ is an embedding of $\Sigma$ into a fixed target manifold $M$ with a Riemannian metric $G$. Yang-Mills fields etc are omitted. The action is essentially the energy functional for embedded surfaces. The string length enters through $\kappa$, which is the string tension.
My intuitive understanding of the action is that it essentially computes some kind of energy associated to the embedding $\xi$ of $(\Sigma,g)$ into $(M,G)$, where $(\Sigma,g)$ is the world sheet of a collection of strings. Intersecting this with a spacelike hypersurface would seem to give us the lengths of the strings existing in this timeslice. Embeddings that are stationary for this action are minimal in a precise sense.
In any case, even when restricting to stationary embeddings it isn't clear that this gives us a fixed, unique and well-defined string length, although it could possibly give an order of magnitude (depending on the tension $\kappa$). More importantly, this action is invariant under conformal transformations of $g$. This would seem to make it impossible to assign any kind of length to a string.
Since the string length is considered a fundamental constant of nature in string theory, there must be something wrong in my understanding.
My first guess is that I take the interpretation of the world sheet of a string much too literally, and that in reality this has little to do with an actual set of strings moving through spacetime, something more similar to a Feynman diagram than something that could be seen in a bubble chamber.
It could also be that string length should be taken as a metaphor, and the actual fundamental constant would be e.g. the string tension, which we convert to a length just to have some kind of a mental image.
Finally, maybe the conformal invariance doesn't have any real physical meaning, and it is just an artifact of our description, like a gauge symmetry or a choice of units.
Could anyone shed some light on this?