It does the exact same thing except the IEmatch has 2 attenuation settings and also works for 'balanced' connections.
It lowers the max output power and at the same time lowers the noise of the amplifier itself by the exact same attenuation (not the noise in a recording of course)
These are intended to use powerful amps with sensitive In Ears.
This way.. A: you can't blow them up. B: You got better travel on your volpot and can avoid L-R differences at lower volpot settings.
The fun part is that it provides a nice continuous resistive load to the amplifier.
It also has a certain (low) output resistance.
So if your amplifier has an output resistance above 3 Ohm this will lower the output resistance the headphone 'sees'.
If your amplifier has a low output resistance it will increase the output resistance depending on the setting.
in IEMatch this can be either slightly under 1 Ohm or 2.5 Ohm (depends on the attenuation)
It uses an extra resistor when used in balanced mode.
Basically it is a switchable version of the attenuators I described
here but with a lower resistance.