Expected goals gives you an idea of the amount and quality of chances you're having.
In one match, no, expected goals doesn't really mean much. Because actual goals are what counts.
But taken over several games or a season, it can tell you certain things about players.
A player with a high xG who isn't scoring just needs to keep doing what they're doing in terms of positioning and decision-making and focus on honing their finishing and the goals will absolutely come.
A player with a low xG who's scoring more than expected is either on a lucky streak that's bound to come crashing to a halt, or is a top finisher who needs to be pushed up into more threatening positions when the team needs a goal (you can work out which just by seeing for how long and to what extent they're exceeding xG).
Example.
https://understat.com/team/Manchester_City/2021
Last season,
Sterling's xG was 15.78. He scored 13. Shots per 90 were 2.46.
Mahrez's xG was 10.12. He scored 11. Shots per 90 were 3.74.
KDB's xG was 5.95. He scored 15. Shots per 90 were 3.17.
Grealish's xG was 5.53. He scored 3. Shots per 90 were 2.05.
That tells you, if you didn't know it already, that:
Sterling gets into a bunch of great shooting positions, is a decent finisher but misses a few relatively easy chances.
Mahrez takes a lot of shots, often from reasonable goalscoring positions, and he scores from them a little more often than expected.
De Bruyne's a huge danger from unlikely distances or angles. He tries shots when others wouldn't, and scores from difficult shots way more than most players would.
It also tells you that if we're expecting Grealish to be a big goalscorer, we need to make multiple changes. He needs to shoot more often, from positions more likely to result in a goal, and he needs to work on his finishing too. I think that fits with what we've seen on the pitch - he's absolutely capable of good finishing, but inconsistent, and too many of his shots are too central or too easily read.
Having the numbers to back it up makes it more concrete, and makes improvement easier to track.
His last season at Villa, he scored 6 goals from 5.19 xG and 2.06 shots per 90. So he's shooting the same amount, from slightly better positions, but scored half as many. So what's the difference between him at Villa in 20/21 vs City in 21/22?
I'd suggest a combination of facing more congested defences and a little bit of a mental block resulting from his difficulties settling and the high expectations. Neither are insurmountable.
I believe we can get him scoring 5-10 with minor tweaks to his game and his confidence. More than that would require a bigger overhaul, and I'm not sure that's what we bought him for.