It allows you to address different market segments. You may have a chip that sells in the $300 range, but that doesn't get you any money from someone who only has $200 to spend. So you chop down the expensive chip to make it cheap, and keep it not so good that nobody will buy the full version with everything enabled for $300.
Looking at the whole lifespan and development of a chip, it might even be cheaper (to a degree) to disable parts of a more expensive chip to address a cheaper market segment than to make a new chip that has to have 80 percent of the same work put into it again.
It's been the case for a while that chips that don't qualify for top product can have parts disabled and then they can be sold more cheaply and still make money, rather then just throwing them away. But what happens if your yields are really good? You can't sell all those chips at top whack and just ignore every other market segment. You either have to disable good chips to have something to sell in the lower markets, design and build a more limited chip specifically for that market, or concede that whole market to your competitors.