A hashtag on X is still a functional link, not decoration
A hashtag on X remains a clickable link to a stream of other posts using the same tag. It is a real, if narrow, discovery mechanism, unlike platforms where hashtags have become closer to decorative labels. Using one or two relevant tags can still put a post in front of people following that topic.
More tags is not automatically better
A post crammed with several hashtags reads as noise and eats into the character limit for little added benefit. One or two specific, relevant tags tend to outperform a caption padded with as many as will fit. The character limit is itself a check against overusing them.
A tag someone would search or follow
The useful test for any hashtag is whether a real person would search or follow that exact tag. A generic, overused tag rarely meets that bar. A specific, niche one aligned with a real community often does.