TLDR; version - replace the tape when you think it needs replacing -
typically after tears in the main printing area.
I change mine when it gets too damaged in the area where I'm printing.
I don't mind a few tears as long as they are small and the film stays
flat (or can be encouraged to be flat). If I get gaps larger than a
fingernail (subjective guesstimate) then I'll replace the tape. If the
back portion is torn, but most of my printing is happening at the front,
then I don't bother.
Air-bubbles can be a reason to replace it too. I rarely can get the
tape down "perfectly", Most times the small bubbles don't matter. But
when I pull pieces off the platform it may pull up the tape a little and
introduce an air-bubble. These accumulate over a couple of prints and
weaken the integrity of the tape - i.e. it is much more prone to tear or
get cut when removing a piece. But, they can be pushed down before
starting the next print - if you're lucky you can encourage the bubble
to an edge or an existing tear so it can escape and the tape can lay
flat again. If not, that same bubble is likely to re-appear the next
time you pull an item off.