Not really "useful"... it's kind of intentionally anti-useful, really. That's not to say useless; much like matter and antimatter, neither one is altogether null.
On analog scopes, the main purpose is to zero the trace to quickly see where it's referenced to, or if it needs adjustment, to give a flat line so you can line it up with the graticule.
On digital scopes, it's more either to clear an extra waveform without shutting off the channel, or to sanity-check the converter (a crapped out converter might read the ~mV noise on GND and convert it to nonsense, rather than a correct ~zero reading).
Tim