There are several reasons. Two of them are:
1. It is said to be aesthetically pleasing.
2. It allows standard sizes of paper, such as A0, A1, A2, A3, A4, A5 etc and the B0, B1, etc where each size shares the measure for one side with its neighbour, and its other side is half that of its left neighbour and double that of the one to its right. The ratio of the two sides of any one of these sheets of paper is the Golden Ratio.
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None. There are some measurements which, in some people, are approximately equal to the Golden Ratio but those same measurements, for other people, are not.
The purpose is to scare people
The golden ratio has been around forever, but people did not discover it until around the time of the early Egyptians.
The golden ratio is a pure number and so has no dimensions.The golden ratio is a pure number and so has no dimensions.The golden ratio is a pure number and so has no dimensions.The golden ratio is a pure number and so has no dimensions.
The Golden Ratio is a constant = [1 + sqrt(5)]/2. There is, therefore, no higher or lower Golden Ratio.