To limit the bandwidth of frequencies that the speaker is playing. This, in turn, allows the speaker to play at a higher output level with less risk of damage since you are removing most of the potentially damaging frequencies from the bandwidth it is playing. Likewise, the speaker will play with less distortion since you are limiting the bandwidth to mainly the frequencies the speaker was specifically designed to play, and removing those outside of it's intended range.
Both of these also result in better sound quality from the speaker.