The only thing I ever got out of doing homework at Uni was a case of beer. The reward for our team coming first in an assignment to devise a strategy for maximizing throughput through a telecoms switch. A far as grades went, midterms and finals set them, 50/50.
But my high school was the same, come to think of it (though it was a Montessori school, a bit different from others). Teachers assigned homework, some even checked that you completed the work, but the only homework that was actually graded were essays. Teachers usually covered the homework quickly at the start of the class, pausing to clarify things if a student had questions. Seems like a good way to find out what students are struggling with, and provide some reinforced learning.
In other words: homework can be a tool to help struggling students to catch up with the class, not to punish them for falling behind. Grading homework is worse than pointless. And in this age of AI, grading homework only further encourages the use of AI.