It's one of the few places in a flat landscape that is surrounded by low hills, one of which is an old city dump that was covered over with dirt and planted with trees and converted into a park. This hill is where some of the worst fighting is taking place, but even if they capture it, there are other hills and the Ukrainians will continue to pound them until either they are all gone or they leave while they can still walk. Russia has been trying to overwhelm the Ukrainians with wave after wave of badly trained men and an influx of obsolete tanks. It's just not working for them and the loss of life on the Russian side is truly appalling.
Bachmut has been considered by Russia to be the key to keeping control of the Donbas. They're likely wrong about that but the town itself is largely gone now, only a few residents remaining in their shelters, waiting for the Russians to give up and go away. Ukraine knows that once the Russians are routed from the area, their lines are likely to collapse again. I hope it is soon.
T,dr: Russia wants Bachmut because it's one of the few defensible towns, so they're basically forcing guys who don't know what they're doing to commit suicide in the hope the Ukrainians will run out of artillery shells and bullets. It's not working.
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