The other answers are good, but just filling in a bit of background: Basically, this was an attempt to make command-line editing conform to the reflexes people had developed from using their preferred editor -- which at the time was almost always going to be either emacs or vi, both having rabid fans and detractors.
These days, with keyboards that have dedicated Home, End, cursor, page up/down, and insert/delete keys that all editors support more-or-less similarly, the editor-specific mappings are somewhat less used and this setting matters less than it did at the time.