Diablo IV, like previous entries in the series, is filled to the brim with different gameplay mechanics that can be taken advantage of to make characters so powerful that they won't have trouble dealing with enemies at high World Tiers.
While many of these mechanics are rather easy to understand, the Lucky Hit mechanics aren't as straightforward, requiring a proper setup to be fully taken advantage of.
By itself, Lucky Hit doesn't do anything, as it needs an additional skill, or Aspect, to define the effect that can be triggered by a successful hit. To make an example, the Rogue's Penetrating Shot skill has a 50% Lucky Hit chance, meaning that one of every two shots will be a Lucky Hit. What Lucky Hit will trigger is defined in my build by the Key Passive Exposure, which can trigger different effects with a Lucky Hit delivered to enemies affected by a Trap Skill, such as Poison Trap. In this case, my combat flow would be to use Poison Trap first, then use Penetrating Shot to activate any or all of the effects granted by the Exposure Key Passive.
This, however, is only a very basic setup to take advantage of Lucky Hit in Diablo IV. By using learning multiple skills and using Aspects for your equipment, for example, you can have multiple effects that can be triggered by a Lucky Hit, and if you are extremely lucky, you could activate all of the assigned effects with a single hit. In my current Rogue build, for example, I have also learned the Victimize skill, which has a chance to cause an explosion when dealing direct damage to Vulnerable enemies, so if I unleash a Trap skill first, then make the enemies affected by the skill Vulnerable, I have the chance to trigger multiple, powerful effects. Using these mechanics properly can potentially make skills that are rather weak by themselves extremely useful, granting you yet another customization option to come up with devastating builds.