It can also be used for risk analysis for longer term investors, where they can measure the volatility and the trend of the future volatility.
And many more practical use cases, it's just that they are not that obvious at first look. A lot of information can be revealed from past data.
I studied statistical analysis in college and was particularly impressed in homoskedasticity (probably spelled wrong, it's been 25 years)in social sciences.
@richq11 Definitely working with homoskedastic models is very easy, but unfortunately all financial markets are hetero.