An ontology in this kind of context means a more precise machine readable spec of this and how it all relates to each other. You can totally build one by hand. The idea here is I think that it tries to figure it out itself and can take corrections over time, so you can ask natural language questions and get more reliable results rather than hoping an llm works out what "customers this month" means the same way each time over a wide span of data rather than having a much clearer API to work against.
2. Related to 1., your codebase or source material may hold different interpretations of the same definition (what "revenue" means can differ between Sales and Finance). The ontology forces you to choose one, or to state when to use each. Without that, the LLM may pick one a bit randomly.
3. It's a governance tool for humans. It gives the company a human-readable, "deterministic" source of truth to agree on what means what, then version it and evolve it.