I know that Banach spaces are ubiquitous and incredibly important in a lot of areas of math, but I was hoping for an intuitive explanation as to why (and when) it's important in the case of $L^p$ spaces.
My understanding is that if we're interested in any limiting process in an $L^p$ space, completeness ensures that the limits that should be there are actually in the space. Is there anything more to it? Any good examples or well-known theorems that rely on the completeness of $L^p$?
It is very difficult to do analysis on a space if it is not complete. Consider for instance $\mathbb{Q}$. The function $f\colon[0,2]\cap\mathbb{Q}\to\mathbb{Q}$ defined as $$ f(x)=\frac{1}{x^2-2} $$ is continuous, but is not bounded.
An important result in Banach spaces (and in particular in $L^p$) that depends on completeness is:
Theorem. If $X$ is a Banach space with norm $\|\ \|$, $\{x_n\}\subset X$, and $\sum\|x_n\|<\infty$, then $\sum x_n$ converges.