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in that order, cumulatively
a lot of getting max research on monsters in master rank unlock special optionals as well involving that monster. either to get a new feature, upgrade a hunter tool, etc.
You also get a list of potential materials and their drop rates.
Contrast to Scoutfly Level, which upgrades as you collect tracks and possibly just fight monsters, which simply allows your scoutflies to track a monster faster and more accurately etc - at higher levels collecting a single track would mark a monster on the map, and at maximum level the monsters would be revealed instantly. There's something in relation to being able to see monster health when low with the skull icon sooner / more accurately, but I'm not sure how that works.
Generally though just view your research progress as a side activity, something that marks your progression with dealing with a monster, how many times you defeated it and if you should have enough parts to make most of the gear you want etc. Just a minor gameplay mechanic that adds a little bit of replay value, I guess.
So its pretty useful for capturing.
Scoutfly level : Will go down with time. Collect tracks to level it back up. Lvl1 guides to nearest track. Lvl2 guides to the monster. Lvl3 shows a skull when monster is near death, and shows the monster's destination (X spot on the map, useful when a monster runs away to know where it will go, so you can fly to the nearest camp).
Edit: via the load screen tips