When I was little we had real socks, we went to great pains to measure them to make sure we always had the biggest ones (my dads) until one year we hung pairs of school tights!!
I think it was the anticipation of the unknown element of the stocking that was so exciting. Seeing it all bulging and full of odd shapes sticking out here and there was amazing.
When dd was a baby she was given a gift of a lovely felt stocking but my god it's HUGE and takes a lot to fill it. I have bought other smaller ones over the years but she (now a teen) is attached to the original one for 'sentimental' reasons (and why wouldn't she be when it holds so much!)
Lot's of years we hide the main present in it if it is small in size, so the year she really really wanted an ipod it was in the toe of it, the same a couple of years later when she got a phone, it was down near the bottom of it and last year's airpod pros were in the toe.
She always goes for the stocking first and spends AGES taking each thing out and oohing and aahing over it.
We never went for practical things like pjs, underwear, toothbrushes etc when she was little. I understand why people do though, especially with multiple children and limited budgets.
Now she is a teen and wants specific beauty and makeup products I am happy to put them in. I also fill it with unusual snack foods, this year from Japan and US. And things like make-up brushes, beauty facemasks etc
In the past couple of years we've started doing stockings for each other too and I LOVE it! I always get things like a mini bottle of champagne and a paper straw, a book, nail polish, a lovely drinking glass, a notebook, chocolates etc. Some of the stuff I have ordered myself and the rest dh picks as surprises. And it's the same for him.