Not sure I can top the previous replies, but I'll take a crack at it anyway. There are so many variables that confound the shooter who's trying to hit that dang target. Not only the gun's variables, but distance to target, velocity, bullet weight, the lighting, the shooter's eyes and the shooter's grip.
Grip is perhaps the hardest to control consistently. Hold tighter, the gun shoots low, hold looser, it shoots high. Shift your hand to the right and the gun torques and goes left or right depending on the twist. Get a little more or less finger on the trigger, it goes left or right. Maybe your a leftie and things are different than for righties.
As another poster said above, it's amazing we can hit anything. Adjustable sights give the shooter a chance at compensating for all those variables.
So..... Why do so many S&Ws have adjustable sights? Might be that they just don't want to deal with customers saying the gun doesn't shoot to point of aim.