Exposure to the product development process. Guidance and classroom instruction tightly coupled with a real problem. A chance to cap the course work in your major with a significant project. Practical experience using appropriate software and machine tools. A first look at a potential employer.
Engineers make things.
Here's your chance to make something. If the engineering profession is for you, you will find this great fun. Which is what you will do when you graduate. You can, but you are not expected to. Most students participate in a project found by Design Clinic faculty.