What is the reasoning of multiplying by Time.deltaTime

More and more I research unity code, I find people multiplying by Time.deltaTime for moving object positions and scaling objects.

So in essence, what would the difference be between these two snippets of code.

What are the implications of not using time.deltatime and using?

 // With time.deltaTime
    transform.position = Vector3.Lerp(transform.position, target, smoothing * Time.deltaTime);
    transform.localScale = Vector3.Lerp (transform.localScale, targetScale, speed * Time.deltaTime);

 // Without time.deltaTime
    transform.position = Vector3.Lerp(transform.position, target, smoothing);
    transform.localScale = Vector3.Lerp (transform.localScale, targetScale, speed);

When you multiply with Time.deltaTime you essentially express: I want to move this object speed meters per second.So, your code is not dependent to frame rates of your game.

 transform.position = Vector3.Lerp(transform.position, target, smoothing * Time.deltaTime);
 transform.localScale = Vector3.Lerp (transform.localScale, targetScale, speed * Time.deltaTime);

In this snippet your interpolation is frame rate dependent if your game fps low due to some reason he this will behave odd.So, you are moving speed meters per frame.

Lets suppose you have speed 10 then your are moving(lerping) 10 meters per frame instead of 10 meters per second.

transform.position = Vector3.Lerp(transform.position, target, smoothing);
 transform.localScale = Vector3.Lerp (transform.localScale, targetScale, speed);

See the Docs : https://docs.unity3d.com/ScriptReference/Time-deltaTime.html