What the Viewport Is
The viewport is the visible surface on which a browser — or the crawler — draws a page, measured in the units stylesheets work with. It is not the same as the physical size of the screen, and that distinction is the origin of nearly all the confusion.
On a computer the two nearly coincide and nobody notices. On a phone they do not: the screen has a great many dots in very little space, so the browser works with a different measure from the device's.
The tag, one of the meta tags in the head, connects the two. It tells the browser to reckon with the device's real width instead of an assumed one — and without it even the best built responsive design appears shrunken and tiny.
A date helps, because it explains why the tag exists. When phones began browsing, almost no site was designed for them; to keep them usable, their browsers decided to pretend a wide screen and shrink the result. The tag appeared as a way of saying "this page knows what it is doing, do not shrink it".
From which follows something practical: the default behaviour is still the old one. A new HTML file written today without that line behaves like a page from fifteen years ago. Not a browser fault but backwards compatibility.
And a point of vocabulary that saves arguments: the viewport is not an element of the page nor something that can be styled. It is the window you look through — which is why units relative to it behave differently from those measuring a container, something you notice in any responsive design with fluid type.
