I've always thought that an 11 oclock number was the moment when it comes together for the protagonist. We hear 'I want' early in Act 1, and then we watch him.her.they try to get what 'I want'.
Up and down we go -- and then -- just before 11 oclock (in the old days), that protagonist tells us how getting it (or not getting it) actually turned out. Victory or failure. Or somewhere in between.
That;s why Roses Turn is the bestest ever. Ethel Merman (sorry Im old), stepped to the footlights and told everyone (within shouting distance, which was a couple of blocks) how it had all turned out. And how she felt about all of it. And nobody who heard her will ever forget it.
I may be wrong --and I'm asking not telling -- but it has to be that kind of moment -- And it's not the end of the show -- there are consequences, and we need to hear about that, too. Like the final act in Shakespeare -- the denouement, if you will.
That's why (to me) it's Cynthia Erivo singing "I'm here" from Color Purple or Jessie Mueller baring her soul in the Waitress. In Kinky Boots, it's "Hold Me in Your Heart" -- because it's 'that moment' when you see into his soul. And of course, in Cabaret, the title number. (Yes, all equally unforgettable magical moments that I wouldn't trade for anything.)
As said by others, it's not the finale, and it's not always the show stopper. But it's the moment when all the pieces come together and the audience can see why they've come for the evening.
Well, at least, that's how I see it -- and perhaps I'm wrong.
m