1) It's presented as the most important thing in the world, pretty much, and
2) I've forgotten most of it past the first semester of algebra 1 in high school but that's mostly because... it wasn't important, at all, for me. And I think that's overwhelmingly the typical experience.
Honesty, I struggle to even talk fluently about early grade school math. "You can flip around the terms in a multiplication problem and the result's the same, because of the... uh... transitive property? Maybe? I think that's the name?"
Meanwhile, aside from when I'm trying to help my kids with math, life goes on just fine.