When would you use a fast shutter speed?

There are two reasons I would use a fast shutter speed.

The first is to stop action.

The other is if I want to use a wide aperture to reduce depth of field. In the really old days we had a table called Exposure Value. It went from EV 1 to, I think, EV 22. Let's say my meter says I need to use EV 8 to properly expose a picture, and EV 8 could be...

1 second at f/32

1/2 second at f/22

1/4 second at f/16

1/8 second at f/11

1/16 second at f/8

1/32 second at f/5.6

and so on and so forth.

Now I have a decision to make: do I want to stop action, which would call for a fast shutter, or to get lots of the picture from foreground to background in sharp focus? If I want stopped action, I use a wide aperture and fast shutter; for depth of field I do the opposite.