The stock program originally kept the Packers alive back in the 20s, 30s, and 50s. Back then it was proof to Bert Bell and other owners that the city of Green Bay and state of Wisconsin strongly backed the team. The mostly successful stock sales, besides generating needed cash, were also signals to the NFL not to kill off the Packers during times of contraction and league realignment. Since then the 1997, 2011, and now 2021 sales have been about stadium improvements. The funds were not used to keep the team afloat, but to lessen the local burden of stadium projections.
So when folks in Florida or Minnesota or Chicago or anywhere else snicker at the *rubes* buying worthless stock....we are supporting our team financially and gaining limited voting rights. I don't live in Wisconsin anymore but go to Lambeau several times per season. I don't stay in hotels or eat out much when there, so buying stock is one way that I can contribute to a stadium that I use, instead of letting the residents of Brown County bear all of the burden.
That said, the Packers planned to use the 2021/22 stock funds to replace the scoreboard and other upgrades. With only selling 2/3rds of the expected stock, it will be interesting to see if they reduce scope, use some of the considerable funds on hand to make up the difference, take out a loan, or go to the public.