The option "block search engines from indexing my website" is "telling" search engines (like Google) to NOT index your Console website, so it will not show it on the results pages when people search, for example, your name, business name or keywords related to the type of services you provide.
This option is useful when you have an external website and you want people find that website, and not your Console website (because you prefer to use mainly your external website). If that is not your case (and you do want people to find your Console website), then you would leave this option not checked.
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