Does it have any use for finding items, Pokemon, ect?
Well, it actually has multiple uses, other than providing news in-game:
If you pass by someone while having StreetPass turned on, you'll see a mailbox on the BuzzNav Icon. Click the mailbox and it will activate features and also tell you how many people you passed by
When you pass by someone, you'll get lots of data from them, which includes items they've bought, Pokemon they've caught, TMs they've used, etc.
You can receive other people's Secret Bases by passing by them, where you can then go to their base and capture their flag, get decoratioins from them, etc.
Each time you pass by someone, you'll discover a new Mirage Island from them. This is pretty useful for trying to encounter Cresselia
You can get the Eon Ticket by passing by and activating StreetPass with someone who already has it