Developing a strong posterior chain allows you to handle more weight in your compound movements as well as protects your body during normal everyday use. Being able to bend over and stand back up with out throwing your back out is pretty beneficial. This movement is a great finisher (used at the end of a workout to soak up the rest of the effort you have available) or as a warm up.

I primarily use the kettlebell version of this for warmups on my deadlift days.