Generally, a debt ceiling is a debt limit mechanism. It would (if the ceiling is not lifted) result in a somewhat balanced budget (either by increasing taxes or reducing expenses). The desire for balanced budgets exists in many countries. The rationale behind that is "that they reduce deficit spending and constrain politicians in making irresponsible short-term spending decisions when they are in office" And "research shows that balanced budget amendments lead to greater fiscal discipline.".
So, the game of chicken during the times when the debt ceiling is reached in the US might not only be for power games but might actually result in greater fiscal discipline than without (albeit the US version is kind of risky, what if they really do happen to default by chance).
And in 2023 this was actually the case. In the Fiscal Responsibility Act of 2023, which was a deal between both big US parties struck in May and voted on and signed in early June, the debt ceiling was increased and federal spending was capped. It's reasonable to assume that without a debt ceiling, federal spending wouldn't have been cut at this point and debt would have been higher than without the debt ceiling. It's debatable though if the increased uncertainty during the negotiation phase was worth the relatively modest cuts in budget, i.e. if this is the most efficient format to decide budgets.