What grayscale conversion actually does
Converting to grayscale replaces every colour with a shade of grey chosen to match its perceived brightness. Green contributes far more to how bright a pixel looks than blue does, so a good conversion weights the channels accordingly rather than simply averaging them. That is why a well-converted black-and-white image keeps its contrast instead of turning into flat mush.
The practical effect is that colour stops competing for attention and shape, texture, and tonal contrast carry the picture. Documents scan more legibly, portraits read more graphically, and mismatched colour casts across a set of images stop being an issue.