It has real uses. Let's say you are getting no signal out of your headphone or speaker. With this device, you know right away if it is the source or the amp. You also learn quickly the spectrum of the music you play and with it, learn if that is the source of distortion. With streaming music, doing this offline is more difficult now. I use both of these features all the time in my desktop setup that has these included.
If the device was accurate and acted as an instrument, you could also use it for calibration, level setting, gain, etc. The hope was that this device would do it.
For entertainment, there is also joy to see real-time changes in the display with your music, e.g. when the dynamics arrive.
I suppose in an age when music consumption is a background task, it is not of value. But as a focused experience, many of us like it and something we miss that we had in analog days of the past.