And it's still a largely meaningless number.
We don't set SLAs because we like setting SLAs.
We set SLAs because we're trying to capture an idea of "How badly can our service perform and our users are still happy?"
As an aside, what we're really talking about here are SLOs ("Objectives"). An SLA is the agreement you have with a customer if you break the SLO. But since we started with SLA as the term I'll stick with it.
They're not the only tool in our toolbox that helps with this. And like any tool, used as intended they can provide useful insight, but use them carelessly and they can be very misleading.