The utility will only lower the voltage to about the nominal voltage at the service point.
Before, we could almost always count on our local utility running a little hot - a 480V service would usually run around 500 volts.
So at the lower voltage, motors will draw a little more current. (So will any other regulated load - like fluorescent ballasts and LED drivers.) More current means also more voltage drop along the service, feeders, and branch circuits.
So that can be a double whammy - lower voltage to start with combined with slightly more voltage drop on the way to the load, especially where the service point is a long way away from the bulk of the load.
But it shouldn't really be a problem for anywhere that was properly designed and installed, with voltage drop taken into account.
It's more likely to be a problem where voltage drop was ignored (or worse - where it was assumed the service voltage would be high to start with), or places that have had loads haphazardly added everywhere.
It could also be a problem where panels and breakers are already almost loaded to their maximum capacity.
But otherwise, I don't know why the voltage would need regulated or boosted back up.