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A newbie question about What is the functionadvantage of a tri-state output?

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A newbie question about the function of tri-state output?

I'm trying to understand what is the use of tri-state output and what is the advantage of using it.

Below depicts both two-state and tri-state output:

enter image description here

According to the above logic, it seems to me two-state output can only be ON or OFF. But in tri-state case, the output can be ON, OFF or floating. So to me the only difference is the floating state.

As far as I read, floating signals are not useful. But it seems I'm ignorant at some points and want to ask what is the purpose of using tri-state output?