EULA is a legally binding document as long as it doesn't come into direct on indirect conflict with existing legislation for country or region. At that point it just becomes unenforcable clause in what is considered unfair contract. For example, EULA could potentially state you will owe developer lifetime of slavery and your firstborn, but it doesn't make it legally binding, as such term or condition would be in conflict with current law.
Why is it important?
Because, no matter how many times they repeat "you are not allowed to circumvent, modify or remove security from the software you purchased" in EULA it is in direct conflict with current US and European law - under the principle known in the US as 'First Sale', and in UK as part of Sale of Goods Act anyone buying a game or any other software takes absolute title to it. From the moment you pay for it, you own it and no EULA, as contract not included in process of sale, but after sale, can change it. EULA might say you are not allowed to resell it, crack it, patch it, give it to someone. Doesn't matter. You bought it, you obtained license to use it, you own it. It's yours. You can do what you want with it, and if cracking it to remove EULA all together is the fist thing you do, you are, technically, allowed to do so.
Why is it important?
Because, no matter how many times they repeat "you are not allowed to circumvent, modify or remove security from the software you purchased" in EULA it is in direct conflict with current US and European law - under the principle known in the US as 'First Sale', and in UK as part of Sale of Goods Act anyone buying a game or any other software takes absolute title to it. From the moment you pay for it, you own it and no EULA, as contract not included in process of sale, but after sale, can change it. EULA might say you are not allowed to resell it, crack it, patch it, give it to someone. Doesn't matter. You bought it, you obtained license to use it, you own it. It's yours. You can do what you want with it, and if cracking it to remove EULA all together is the fist thing you do, you are, technically, allowed to do so.