eI am a mathematician trying to understand the role of representation theory in physics.
There have been countless questions on this site like this, but they sadly don't seem to answer me.
My perspective
Suppose we have a Hilbert space $\mathcal{H}$ with Hamiltonian $H$. We LOVE when there is a Lie group $G$ acting unitarily on $\mathcal{H}$ for three reasons (in diminishing order of importance):
Since $G$ commutes with $H$, we get conservation laws (since it means $\mathfrak{g}$ (up to some multiplication by $i$) is made of Hermitian matrices which commute with $H$, and a short computation that their average value (nothing more I think) is conserved.
We understand better the energy levels; since they're $G$ representations. We even have an easier time finding them.
They conserve stationary states.
An example of those is found in the Hydrogen atom, where the $SO(3)$ action helps us find the energy levels via acting on $L^2(\mathbb{R^3})$.
Things I do not understand
Why should I care about projective unitary representations? They only help with 3, which seem the least interesting. I know that physical states are the projective Hilbert space, but I don't see how that helps or is related. A partial answer is that given a projective representation that commutes with the projectivization of the hamiltonian, I can lift it to a unitary representation of a universal cover, and HOPE that it will commute with $H$ (but I don't see why it should).
I was told about spin, which has that the Hilbert space we're working in is $\mathcal{H} = \mathbb{C}^2$. I wasn't told what the Hamiltonian is, but that $SU(2)$ is acting (via Pauli matrices on the lie algebra). I feel like I'm missing a piece of the story (in Hydrogen, we started with the Hamiltonian and noted it had symmetries. Here I wasn't even given a natural $SO(3)$ projective representation, just a 'hey check out this $SU(2)$ representation, those operators measure spin good luck).
I don't understand Wigner's classification because it sounds beautiful; I don't understand why types of particles correspond to representations of $SO(3,1)$ (Is there a natural Hamiltonian invariant to that? So that energy levels are representations?). Maybe I'm trying to learn relativistic QM in a question and if that's the case tell me and I'll try reading elsewhere.
Final remarks
Maybe I'm approaching QM the wrong way (i.e Proj Hilbert space are states, we have hamiltonian and Schroedinger, and so we're interested in stuff that commute), maybe we should somehow start with a group. If so please tell me but also explain why.