In short, if your alkalinity is too low...your pH can still be OK when you spot check it...but you could get fatally significant fluctuations in pH (eg from addition of new livestock, day vs night, etc). It does happen.
The acid is carbonic acid - water + CO2. So at night, when the dominant process is respiration (no photosynthesis to help remove CO2) then you get an increase in carbonic acid and in low alk systems this can tank the pH. Ditto for adding additional livestock.
When you add a "pH buffer" it is misleading. "pH buffers" are alkalinity buffers, not pH buffers.
Of course then calcium gets worked in, and magnesium, and gas exchange, and overstocking/feeding...lots and lots of pH factors