Lower arm actuators are a structural weakness. Geth do not use them.
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From a purely mechanical standpoint, you either want lower arm actuators and hands or nothing below the upper arm actuator. The former provides some crit sinking that can save other equipment (even if it is harder to use afterwards, it's still there) and makes physical attacks easier. The latter allows for arm flipping.
From a non-mechanical standpoint, having hands allows a 'Mech to assist with construction, search and rescue, raiding and other such duties.
IIRC the new iteration of the rules does not hit those who do not have hands with a damage penalty for punching, but there are penalties for not having a lower arm actuator. I only ever kick, so I've never bothered learning the rules for punching, though.