For QAOA, my understanding is that after we derive our cost Hamiltonian: $H_c|x$>$=C(x)x$ where $C(x)$ is the cost function on input x. We exponentiate it: $e^{-iH_c\theta}$, so we can simulate this Hamiltonian.
While doing so, we have effectively moved the value of the cost function as a phase.
Example
If $C(x)$ is defined as $C(0)=0$, $C(1)=1$ then:
$H=0.5(I-Z)=\begin{bmatrix} 0 & 0\\ 0 & 1 \end{bmatrix}$
We would then get $U_c=e^{-iH_c\theta}=\begin{bmatrix} e^{-i(0)\theta} & 0\\ 0 & e^{-i\theta} \end{bmatrix}$
Now we can see that $U_c|0$>$=e^{-i(0)\theta}|0$> and $U_c|1$>$=e^{-i\theta}|1$>
It looks like all we were trying to do was to add the cost function as a phase for our input. (And also varying that phase by some coefficient $\theta$)
Question
Why are we trying to do this? How does this help us in minimizing the hamiltonian (the cost function)?