EQ vs IQ?
It's not one or the other.
You can cultivate EQ. You are more aware about yourself, you can articulate and express yourself well, and you know your strengths and weaknesses.
You can adapt.
You can build resilience relatively well- which bodes well for your emotional health.
You are adept in social situations, or at least are in the position to adapt to/ improve your social position.
A high EQ means that you are relational, and can empathise well, therefore are better off in relationships. Granted though, some of us are blessed with a higher EQ than others, perhaps due to nature- or nurture- or both. But it can always be learnt. People who are good at relationships and are empathetic, are more liked, and often are correlated to success (whatever success means for them).
It's also useful to assess the EQ of the people in your life, because it gives you a good understanding of the extent you can communicate and relate with each other. You can be more compassionate and patient when you are aware of differing levels of EQ. This is particularly handy when dealing with young people, as you may have a better appreciation of developmental milestones, and EQ.
Here are some ways you can improve your EQ (sourced from https://www.inc.com/young-entrepreneur-council/10-ways-to-increase-your-emotional-intelligence.html):
Utilize an assertive style of communicating.
Respond instead of reacting to conflict.
Utilize active listening skills.
Practice ways to maintain a positive attitude.
Take critique well.
Empathize with others.
Utilize leadership skills.
Be approachable and sociable.