Given a reversible chemical reaction, e.g. $$\ce{CuCl4^2-(aq) <=> Cu^2+(aq) + 4Cl-(aq) + \text{heat}}$$ occurring in a medium, the equilibrium constant is defined as $$K = \frac{[\ce{Cu^2+}][\ce{Cl-}][\ce{Cl-}][\ce{Cl-}][\ce{Cl-}]}{[\ce{CuCl4^2-}]}$$ where [X] is the molarity or molar concentration of X = amount$_X$ / volume.
Then, as you can read anywhere (e.g. google 'equilibrium constant equals 1' to see (1st hit) - 'The Equilibrium Constant, K - Chemistry LibreTexts' -
If K is about equal to 1, the reaction will reach equilibrium as an intermediate mixture, meaning the amounts of products and reactants will be about the same.
Yet, if the 'amounts of products and reactants' are the same, that means to me the sum of the molarities of the products would equal the sum of the molarities of the reactants, but K = 1 means that the products of molarities are the same.
I can't attach any intuitive meaning to the product of the molarities.
Note: the first answer is exactly what I needed. This question was a pedagogical question - as noted above the first google hit gives a textbook with incorrect info on the equilibrium constant. That had me confused. Also, I note that my kid's 10 grade honors chemistry text defines the equilibrium constant as the ratio the product of the molarities of the products divided by the product of molarities of the reactants when the system is in equilibrium, and not as in answer 1 below as the ratio of forward and reverse reaction coefficients, and the latter is a much better definition.