Why do honeybees perform waggle dances after finding food?

Answer: They signal the direction and distance of a food source

They compete to attract the queen as a mate — Dancing workers are female foragers, not males competing to mate with the queen. Their audience is other workers that may visit the food source. The movements communicate a location rather than courtship.

They exercise their flight muscles before leaving again — The waggle dance is not a flight-muscle workout. Its direction and timing vary with the food location, allowing other foragers to use the display as information.

They signal the direction and distance of a food source ✓ — The dance gives nestmates information about where food is located. On a vertical comb, the waggle run's angle from upward represents the food direction relative to the sun, and its duration indicates distance. Bees can use that information to search near the advertised location.