The lifecycle is the organizing framework for everything about how APIs get produced and operated. In its simplest useful form: define, design, mock, develop, test, secure, deploy, document, discover, manage, observe, support, version, deprecate, retire.
It matters because it is what makes governance legible. Governance applies at lifecycle stages. Tooling serves lifecycle stages. Ownership attaches to lifecycle stages. Without a shared lifecycle, an organization has no vocabulary for the conversation “who does what, when, and to what standard.”
The mistake is to treat it as a strict linear waterfall. Real APIs loop constantly — design informs testing informs redesign — and different protocols move through it differently. What you want is a common vocabulary and a common set of expectations at each stage, not a rigid gate at every step.
One reframing I have found useful lately: describing the lifecycle in terms of the human experiences at each stage rather than the artifacts. What is it like to design here, to onboard here, to get support here, to be deprecated here? Stages are for the org chart; experiences are what your consumers and your teams actually live through.