To invoke George Mallory, we calculate it because it's there--or more accurately: because it exists, and it acts like a vector under rotations.
Given 2 vectors $\vec a$ and $\vec b$, there are only a limited number of things that we can create that transform nicely under rotations:
There are the scalars (which are the same in all reference frames):
$$ ||\vec a||,\ \ ||\vec b||,\ \ \vec a \cdot \vec b $$
The vectors (under rotations):
$$ \alpha\vec a \pm \beta\vec b, \ \ \vec a \times \vec b $$
And finally a pure rank-2 tensor:
$$ \frac 1 2 [\vec a \vec b + \vec b \vec a]-\frac 1 3 (\vec a \cdot \vec b){\bf I} $$
Note the complicate from of the rank-2 tensor arises because I excluded the part that has the same information as the cross product:
$$ \frac 1 2 [\vec a \vec b - \vec b \vec a] $$
and then subtracted the part that has the same information as the dot product:
$$ \frac 1 3 (\vec a \cdot \vec b){\bf I} $$
These are all the geometric objects that two vectors can make. One approach to physics is write all physical laws in a coordinate-free geometric manner--where everything is a relation between such objects.
We need the cross product because it is one of these objects and appears in many physical laws, e.g.:
Angular momentum:
$$ \vec L = \vec r \times \vec p $$
torque:
$$ \vec {\tau} = \vec r \times \vec F $$
electromagnetism:
$$ \vec F = q(\vec E + \vec v \times \vec B) $$
and so on.
In your question you pointed out the sign ambiguity--why is it signed? This is very important. Note that the cross product has the same information as the antisymmetric tensor:
$$ {\bf A} = \frac 1 2 (\vec a \vec b - \vec b \vec a )$$
Well, the cross product basically is $\bf A$, and under a change of sign of all coordinates (a so-called Parity transformation), it does not change sign, unlike a regular vector $\vec a \rightarrow -\vec a$.
These type of vectors are called axial vectors or pseudo vectors--because the rotate like vectors, but reflect like tensors. It is a fundamentally different geometric object from a vector--in fact, in mechanics and electromagnetism, you will never see a vector depending on a axial vector, as that would violate parity symmetry: that the mirror image of the process differs from the process.
For instance:
$ \vec F = m\vec a $
is a relation between 2 vectors, while:
$ \tau = I\dot{\omega}$
is a relation between 2 axial vectors.
So in summary, the cross product introduces a new type of geometric object that is relevant all over physics.