In case of site-to-site VPNs, you need to manually configure a tunnel IP address on the tunnel interface if you want to use it for routing/protocol, etc. on both sides. Even if you create it via GUI wizard, it doesn't set the IP on the tunnel interface so you need to configure it afterword. The tunnel interface is the same as the phase1 name.
You don't have to if you don't need. That's why the wizard doesn't ask you to set the tunnel IP.
If you have multiple point-to-point neighboring and want to manipulate path per traffic it's easier to debug/troubleshoot when each tunnel interface has unique IP.