What it does
You define what a conversion is, a form submission, a booked meeting, a qualified opportunity, and the strategy spends the budget chasing as many of those as it can. Because it takes no target CPA or ROAS, there is no number to guess wrong, which is exactly why it is the sensible starting point on a new campaign.
Starting here on day one
Common guidance is to build data on Maximize clicks first and switch after roughly 15 conversions in 30 days. We disagree, because Maximize clicks builds click data rather than conversion data, and the early window gets spent optimizing toward the wrong outcome. The full argument, including the honest counter-case, is in why we start every campaign on Maximize conversions. Whatever you choose, expect a learning period and make sure the conversion action is one that matters commercially.