Blessings?

What does it mean to someone when one says something is "blessed"? I understand it in terms of religious mythology, of course, but when one has a more inclusive and broader spirituality, how does "blessing" become interpreted and applied?

Does "blessing" become a metaphorical term to indicate that one has simply become more Aware or Conscious of an exchange?

Does "blessing" mean more about expressing/acknowledging gratitude?

Does "blessing" mean more about a sense that you are infusing a thing or Being with a finer energy conducted through you?

What exactly does it mean to you?

What is the purpose, and how does this improve things for all parts involved?

I ask this because there are many practices that are just blindly applied, such as saying "bless you" when someone sneezes. Why do we do that beside to satisfy a social pressure? Does anyone really mean it? Does something occur that is beneficial for anyone?

Why don't we bless a person who has burped or farted?