Learning Music Theory is similar to learning the rules of any language. For instance, if you don't know how sentences are constructed, or which words to use where, you can still somewhat communicate, but you won't be doing it as clearly and will be in a huge disadvantage compared to somebody who is fluent in the language and can use the rules to effectively communicate.
Learning Music Theory also allows you to expand the boundaries of your own music. For instance, say you're stuck using loops from sample packs, which don't get me wrong, is an excellent tool as most quality sample packs include the key of the sample, so all you have to do is piece loops in the same key together and you'll most of the time be left with a quality piece of music. But there comes a time in a producers life where you want to expand your boundaries, maybe by creating your own melodies and chord progressions, or your own basslines and drum loops. Unless you have the fundamental building blocks behind putting these pieces together, you're going to find it fairly difficult to complete the puzzle.
Finally, Music Theory allows you to compose ideas even when you're lacking inspiration. Often times when you begin to produce, you get to a point where you're simply not inspired. But when you have the basic building blocks of music theory, you can start creating chord progressions with a certain vibe in mid by simply choosing the correct key and scale. And we all know, once you get rolling, inspiration will come.
In the Music Theory Building Blocks for the Modern Day Producer, we cover everything you need to know about Music Theory and how you can apply it to your music productions.