I'm not sure why you call stress a hypothetical quantity. It's no more hypothetical than pressure (and the units are the same, of course).
Stress is useful for describing how different materials behave, in a way that is independent of the shape of particular objects made form the materials. For example Young's modulus (stress / strain ) describes how rigid or "stretchy" different materials are. If the stress is higher than the elastic limit for a material, it will not return to its original shape when you remove the loads that caused the stress. If the stress is higher than the "ultimate stress", the material will crack or break.
As a simple example, the force needed to break a piece of wire depends on the material it is made from, and also on the thickness of the wire, but the stress needed to break it only depends on the material. The same stress level will also break a cantilever beam, or a plate, or anything else made from the same material.