It's not absolutely necessary, but as the other answers point out if your operation is particularly slow then it's worth adding extra information to the progress bar.
If nothing else if there is a problem your users will be able to say that the process hung during the "downloading packages" or "updating widgets" stage giving you a head start on where to troubleshoot in the absence of error logs.
The fact that the text changes can make the operation seem to be shorter as the user sees that something is happening.
When it wouldn't necessarily be useful is where the text changes too rapidly for the user to read - though I am reassured by the file names rapid flickering when copying large volumes of data.