It's useful when you need to pass a values numbers to another study. Study-on-study (SOS) in Tradingview allows passing only one value, which is not always convinient. So if we put all those numbers in one - we can pass more values from one study to another.
In Pine we can use up to 52 bits for our data. Because of that we can put 6 1-byte (8-bit) values in one float. Or 12 4-bit values. Or 52 1-bit values.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.