The importance of reading, and to a greater extent obeying, the Bible is largely symbolic. Like saying the pledge of allegiance in the United States, or rooting for the home team, the value of the act is less about the thing itself and more to do with what it signals about you. The literal meaning of each of these breaks down on close inspection. Rooting for the home team for example has no real literal meaning, how could it? The players change over time, the name changes, heck even the location changes (hey Oilers fans). So what does it even mean to root for "the team" when what constitutes the team is constantly changing? Never the same man nor the same river. Being a home team fan means something more abstract and at the same time much more practical, like "I am a loyal person. I am a fierce friend and a fierce foe, so you want me on your side."
Reading the Bible is likewise more about signaling. The literal value of reading the Bible depends where and when you are in the world, and each of those places and times has had a more or less different Bible. In the vast majority illiteracy and lack of cheap copies made reading the Bible impossible. Also reading too much of the Bible is often even corrosive to faith as others mentioned above. Again the real meaning is something more like "I will sacrifice my time for my tribe" or less commonly "I am educated on our tribe enough to beat would-be attackers".