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A little more detail for those who are equally bored…

There are multiple style guides people use when writing. These guides are mostly for consistency within an organization (and professors nead something to mark grades down for!).
These style guides differ based on the purpose of the writing: Academic, Legal, Professional, etc. They can also be different based on their primary language, or even National Origin. Some organizations will even provide guides for use within their company; in-house styles.
Some style guides are completely 180 degrees out from each other going so far as to forbid the use of the essential Oxford Comma!!!

One very common style guide is the APA, another is MLA.

One thing APA and MLA both agree on is their styling of direct quotes.

Formatting Quotations

When you directly quote the works of others in your paper, you will format quotations differently depending on their length.

Long quotes:

In APA style, long quotes of 40 words or more should be formatted as block quotes. Start on a new line, indent the entire quote ½ inch from the left margin, and do not use quotation marks; the citation follows the punctuation at the end of the quote.

In MLA -
For quotations that are more than four lines of prose or three lines of verse, place quotations in a free-standing block of text and omit quotation marks. Start the quotation on a new line, with the entire quote indented 1/2 inch from the left margin while maintaining double-spacing. Your parenthetical citation should come after the closing punctuation mark.

Short quotes:

APA:
For quotations of fewer than 40 words, add quotation marks around the words and incorporate the quote into your own text—there is no additional formatting needed.

MLA:
To indicate short quotations (four typed lines or fewer of prose or three lines of verse) in your text, enclose the quotation within double quotation marks. Provide the author and specific page number (in the case of verse, provide line numbers) in the in-text citation, and include a complete reference on the Works Cited page. Punctuation marks such as periods, commas, and semicolons should appear after the parenthetical citation.

The HTML <q> is used to define a short quotation within the normal flow of text.

<p>Master Yoda’s goal is to:
<q>Build a future where people talk backwards but with profound wisdom.</q></p>

While not commonly used in fiction, the <q> tag is a valid and useful tool.


The HTML <blockquote> is used to mark the beginning and end of an extended quote (a long quote). It also provides a way to include a citation within the tag as well as within the quote:

<blockquote cite="……">
  <p>yadda yadda</p>
  <p>yadda yadda</p>
  <p>yadda yadda</p>
  <p class="sig">- <cite>yours truly</cite></p>
</blockquote>

You COULD rely on the default styling provided by browsers/reading devices, but it is much better to provide explicit styling in your css so you have a consistent look across devices.

Accessibility requirements also indicate how important it is to use proper markup:
Marking up quotations properly is important for several reasons. Many assistive technologies rely on proper markup to provide additional information and/or emphasis on specific types of text (such as quotations) to indicate to users that they are different from surrounding text.

Spoiler:

Accessibility Standards for Block Quotes
Importance of Accessibility in Block Quotes
Block quotes are essential for presenting longer quotations distinctly from the main text. Ensuring they are accessible is crucial for users with disabilities, particularly those using screen readers. Proper markup helps convey the structure and meaning of the content.

HTML Markup for Block Quotes
To make block quotes accessible, use the following HTML elements:
<blockquote>: This tag is used for longer quotes. It should be used for quotes from external sources, not from the same source.
<cite>: This optional tag can be included within the blockquote to reference the source of the quote. However, its practical use is limited.

Screen Reader Compatibility
Different screen readers handle block quotes in various ways:
NVDA and JAWS: These screen readers announce the blockquote tag, providing context to users.
VoiceOver, Narrator, Orca, and TalkBack: These may not announce the blockquote tag, which can lead to a lack of context for users.

Formatting Guidelines
When formatting block quotes, consider the following:
Indentation: Indent the block quote from the left margin, typically by ½ inch.
Spacing: Add extra space above and below the block quote to visually separate it from surrounding text.
Font Variation: Use a different typeface or size to distinguish the block quote from the main text, though this is not strictly necessary.

Conclusion
Using the correct HTML tags and following formatting guidelines enhances the accessibility of block quotes. This ensures that all users, including those relying on assistive technologies, can understand and engage with the content effectively.

It is possible to use almost ANY block level tag to style text to LOOK the same, but by using the semantically correct tag you provide the consistency essential for assistive devices to function properly. Don’t use a tag just because it has a default visual styling that fits your purpose - use the correct tag so everyone is happy!