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it does not do shit. partners don't care about moot - ask me, i've done some great ones and performed well at them.
Moots teach you how to research, how to frame a problem statement, how to draft your arguments, how to look for and cite sources, how to apply the law to facts, how to read, interpret and rely upon / distinguish case laws, how to present your submissions, both verbally and in written form, and most importantly (if you’re speaking) how to articulate legal arguments. It definitely helps.
Experience gained from mooting gives you an insight into certain practical aspects of the job, whatever that may ultimately be - not everything you learn will help you in a corporate law firm job, and actual litigation work / appearing in courts is nothing like mooting - but it’s a valuable experience nonetheless and I’m thankful everyday that I mooted in law school.