Why do the Bolzano-Weierstrass, Heine-Borel theorem and the general notion of compactness matter? I understand that they are used in the result that power series are continuous, but this alone does not seem to give a general reason to why they are so forced in elementary mathematics. What caused for these ideas to be abstracted?
The connection with completeness, in the sense that Cauchy sequences converge, and that a compact space is, in a sense, invariant to how it is placed into another topological space may be relevant to an explanation.
Here are a few reasons: