The main purpose is for sanding - especially bowls, to achieve a finer finish or as Bill says, to help remove tear-out. When sanding in one direction, the grain, and particularly the end grain, which you are going to encounter twice in every revolution on a bowl, all leans over - a bit like a micro version of a field of corn on the wind. By reversing the lathe, you get to correct that, and therefore end up with a better finish.
Explained briefly because it's late, and not explained very well I think, but I hope you get the idea.