Age ratings - what do they mean and how important are they to you?

This is one of my little soap box subjects.  Why do we have age ratings on films and games?  My understanding is that, it is to protect children and guide parents.  So why is it, that so many ignore it?

Have you heard of the game Fortnite? Well, it seems as though it is taking our primary school by storm and I know children as young as 8, who play it.  Officially, this game has a 12 age rating but Common Sense Media gives it a 13+. As you know my son is in year 6, and is now a very big fish in a little pond (primary school).  As you can imagine, my son feels he should be allowed to play it and because of the age rating, we don't allow it.  We hear frequently how he is feeling left out at school, due to being the ONLY child that doesn't play it.

My hubby and I are not gamers and have never been particulary keen/interested in gaming.  However, I understand that there are advantages to kids gaming, especially for their cognitive development.  Therefore I had to find a way through this minefield of tech parenting that felt comfortable to me, kept my child safe but also included my son in the process of why I came to a certain conclusion. Firstly, my son and I research the game together on Common Sense Media.  If we can't find it there, we will google reviews of the game, we found Askaboutgames to also be a great resource.  In this particular situation, Common Sense Media had everything we needed to discuss the game.  The reason Common Sense Media is my goto, is because it gives a parents rating and a kids rating for said game.  Thereby, possibly giving a more "balanced" review.  The main reason for the rating given was the open chat facility and the action violence.  It was the open chat facility that sealed the deal for me.  My son has said that he is quite willing to switch off the chat facility.  However, I understand that this is the main reason a lot of his peers are playing the game, they chat while they're playing.  So the poor boy will have to forgo this particular fad...and we can only hope the next one will be more age appropriate.

I detract, back to age ratings.  Is it breaking the law to allow an underage child to watch an age rated movie, that they aren't old enough for?  It certainly doesn't seem to be the case for when a parent buys an underage child a game for an age rated game, they aren't old enough for.  But ignoring the law, why are parents allowing it?  My initial instinct is to ask, why are we pushing kids to grow up so quickly?  Can the benefits really outweigh the exposure to inappropriate content?   Do we forget that they are children for a far shorter time, then they are an adult?  But I suspect parents don't look at it that way and what harm can it do?  Do you adhere to age ratings?  How do you decide what your child can watch/play?

Ultimately, I guess it comes down to a combination of your parenting and the particular child.

Please let me know what your thoughts are on this subject.  Remember, it takes a village to raise a child.