"Light duty" generally refers to products that are designed for occasional or infrequent use, as opposed to "heavy duty" products which are built for frequent or intensive use.
The manufacturer may use the term "light duty" to accurately describe the intended usage and performance capabilities of the product, rather than making false claims about its durability or quality. Additionally, it may be a marketing strategy, lower-end products can be sold at a lower price point.
In the case of a 13mm drill chuck, a "light duty" chuck may be suitable for occasional DIY projects or home repairs, while a "heavy duty" chuck would be more appropriate for professional or industrial use.