The final step of AI development is to build systems that can form representations about themselves. Ultimately, we AI researchers will have to not only understand consciousness, but build machines that have it.
This is, in a sense, an extension of the "theory of mind" possessed by Type III artificial intelligences. Consciousness is also called "self-awareness" for a reason. ("I want that item" is a very different statement from "I know I want that item.") Conscious beings are aware of themselves, know about their internal states, and are able to predict feelings of others. We assume someone honking behind us in traffic is angry or impatient, because that's how we feel when we honk at others. Without a theory of mind, we could not make those sorts of inferences.
While we are probably far from creating machines that are self-aware, we should focus our efforts toward understanding memory, learning and the ability to base decisions on past experiences. This is an important step to understand human intelligence on its own. And it is crucial if we want to design or evolve machines that are more than exceptional at classifying what they see in front of them.