Tags are not only for presentation (which can be deeply modified today, one way or another), but also for meaning. You can almost (?) Make a complete web page with just div and span , but that doesn't mean it's a good idea ...
You mentioned HTML5: they put great lengths to add some tags with similar rendering, but very different semantic meanings.
As written above, this helps screen readers: they will read your coding in different ways, perhaps trying to read it as a whole sentence, while they will read a real list with the correct tone and pauses.
But it can also help the web spider (think "Google", but not only) to better understand the structure of your page and better index the most important parts.
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