From a spanker's standpoint, it has a few uses. It's a little demoralizing for the spankee to be standing in the corner with her bare bottom exposed. After a really severe spanking, the spankee can stand in the corner with the warning "If you rub your bottom at all while you're there, you'll be right back over my knee.". And of course, it's just nice to observe that bare bottom on display for a while as the spankee contemplates her punishment.
Having said all that, I hardly ever use it myself because the one time I did, I kinda dozed off in my chair while I was looking at her bottom. Sheesh