A multi-point inspection is something most technicians conduct any time your vehicle comes into the shop, whether for scheduled routine maintenance, specific repairs after an incident, or even during a legally required annual safety inspection. You may not even realize they're doing it, as it's a fairly simple procedure of visually checking the vehicle for anything which might be out of order with belts, hoses, wiper blades, or tire tread. It then involves checking the fluid levels, ensuring the front and rear brakes are in good working order, and assuring the CV boots and joints in good condition. Even something as simple as the headlights is something a technician can evaluate by seeing how and where they align on the shop wall which the layman likely won't know they've done if the inspection doesn't include formal paperwork.
Each of the inspection procedures checks the most important aspects of the vehicle for continued safety and performance and are easily replaceable parts designed to wear out to prevent the need for more expensive repairs. Depending on the make and model of vehicle you drive, you have a ton or more of steel traveling at highway speeds. That's a lot of force. Even though the vehicle is designed to handle such force, everything ultimately has a breaking point. Those parts are designed to absorb the stress, and therefore they wear down and need regular maintenance replacement. Because of this, the engineer designed the parts to be relatively inexpensive and simple to replace, saving the driver the expense of having to replace larger, more intricate parts.