Because velocity is a vector quantity, direction matters.
What is velocity?
Velocity is the rate of change of displacement. It is essentially a vector quantity.
Speed of an object moving can never be negative. The velocity of a moving object can be zero.
Speed gives us an idea of how fast an object is moving whereas velocity not only tells us its speed but also tells us the direction the body is moving in.
Initial velocity describes how fast an object travels when gravity first applies force on the object. On the other hand, the final velocity is a vector quantity that measures the speed and direction of a moving body after it has reached its maximum acceleration.
The motion with constant velocity is the simplest form of motion.
What is vector quantity?
Vector is the quantity that has both magnitude and direction. For example, displacement, force, torque, momentum, acceleration, velocity, etc.
Thus, velocity has speed as well as direction, so it is vector quantity.
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