May be also help in onboarding and off-boarding new team members.
Note that, as they say, “Velocity is a planning tool, not a goal or a competition. Quality is a much healthier and more useful goal.“ However much effort you spend caring about velocity, spend many times as much caring about quality - code/implementation choices, UX, resulting impact to the product/business, etc.
https://www.amazon.com/Software-Estimation-Demystifying-Deve...
and
https://www.amazon.com/Rapid-Development-Taming-Software-Sch...
Also think: if the business does project A, how much money does that make for us or save for us? From a developer standpoint I have gotten the business people to tell me a value that is a fraction of the cost of the product. You fold that one and free up resources for project B which is the other way around.