I don't want to speak for the React team as to why state changes are asynchronous, but here's some random dude's explanation. I'll be referring to the JavaScript event loop, which is basically a program that runs many times per second. Each time it runs, it processes a series of tasks synchronously. Asynchronous code is executed across several event loops. This is a very basic and oversimplified explanation - you should go read more about the event loop.
So your initial state declaration happens in your initial render - the first time the function is called. This initial render happens synchronously - meaning the function is executed top to bottom in a single event loop. It's worth pointing out that React components cannot be async:
const SomeComponent = () => {
const [foo, setFoo] = useState("bar");
return <div>The value of foo is "{bar}"</div>;
}
After your initial render, the state only changes when something happens: user clicks a button, the screen resizes, a timer interval fires, etc. Whenever an "event" happens, there can be a lot of processing going on in the JavaScript event loop.
Let's look at a button click, the event propagates all the way down and back up the entire DOM tree which contains the button. The browser is also rendering different states of the button, causing the browser to repaint. You also have developer code which is running in the button click handler which might be doing some heavy lifting like iterating over an array. This all happens within a single event loop. The point of this explanation is to convey that "a lot is going on". Eventually, the state will get updated with setFoo(...).
At this point, React now has to figure out which component changed, calculate and rerender your application in a virtual DOM, perform a diff with the actual DOM, and then apply any changes to the actual DOM. Only at this point does the browser finally paint the result to the screen. This whole operation can be very taxing on a CPU.
If react were to handle state changes synchronously, all of this virtual DOM diffing and calculating would happen in the same event loop as the initial button click. It is very likely that most apps would cause the browser to sporadically freeze and jitter because the CPU is doing so much work at one time.
There are also some other things to consider. Suppose the window resizes and a bunch of different components perform some calculations and update their state. You don't want react to synchronously rerender every time a component changes its state. You want react to kind of wait and collect a whole bunch of state changes and process them at the same time. Browsers also provide mechanisms like requestAnimationFrame to help web-based applications asynchronously render in such a way that works best for the user and their system/browser resources.
There are many other things to consider, but this post is getting long. Hope this helps.