We can use the intermediate value theorem to compute equations like, for example, $\cos(x)=x$.
consider the function $f:[0,\pi/2]\mapsto\Bbb R, x\to\cos x-x$.
this function is continuous and $f(0)=1,f(\pi/2)=-\pi/2$. by the intermediate value theorem we know that $f(c)=0,c\in[0,\pi/2]$. this doesn't help us too much, so let's divide $[0,\pi/2]$ into $[0,\pi/4],[\pi/4,\pi/2]$.
now we have $f(0)=1,f(\pi/4)\approx -0.0782913822,f(\pi/2)=-\pi/2$.
using the intermediate value theorem we know that $c\in[0,\pi/4]$, great! now let's divide our interval into 2 smaller intervals again:$[0,\pi/4]$ into $[0,\pi/8],[\pi/8,\pi/4]$
now we have $f(0)=1,f(\pi/8)\approx0.531180451,f(\pi/4)\approx -0.0782913822$.
hence $c\in[\pi/8,\pi/4]$. by doing this over and over again we can get to pretty nice approximation
this theorem is important in physics where you need to construct functions using results of equations that we know only how to approximate the answer, and not the exact value, a simple example is 2 bodies collide in $\mathbb R^2$. in this case you will have system of 2 equations in similar form to the example of the first part.
I know about only one historically importance, before there was a definition of continuity people use this theorem, become if this is true for all sub-intervals in the function $f$ then $f$ is continuous