There's plenty of reasons you might want to check whether a page is linking back to your website or not, and if they're doing so without the nofollow attribute. SeoTools naturally provides a handy implementation of this through the CheckBacklink() function.
While no one can say for certain, backlinks are believed to be one of the key factors in Google's algorithm. As with all SEO related topics, there's a lot of dubious information floating around - so let's hear it straight from the horse's mouth. According to this video posted by the Google Webmaster team, backlinks still serve an important purpose and will continue to do so in the future. In other words, it's not a bad idea for your long-term SEO game to build strong backlinks.
Links still have many, many years left in them.
The CheckBacklink() function takes four arguments:
CheckBacklink( string pageUrl, string expectedLinkHref, string expectedLinkText (optional), bool checkNofollow (optional) ) : string
It'll traverse the PageUrl and try to match any href attributes to expectedLinkHref and optionally check for a specific anchor text and if it has the nofollow attribute or not.
=CheckBacklink( "https://blog.majestic.com/development/seo-tools-for-excel-now-with-majestic-seo/", "http://nielsbosma.se",, TRUE)
That will return an Ok, indicating that the provided url does indeed link to http://nielsbosma.se without the nofollow attribute.
For further reading, check out the documentation on CheckBacklink().