Yes indeed, the limit is 50 which is of course enough to fully profile "regular people" who only have a handful of apps. Also don't forget, Meta/Google/TikTok/WhateverPalantir are updated weekly which means they can tweak their LSApplicationQueriesSchemes list and cover even more apps if they want to.
Interoperability mainly - if you want to deep link into a specific app or show a list of apps to open.
These days we have more modern and privacy protecting APIs for making content available to the system or other apps… but that doesn’t stop the profilers.
Back before Apple allowed users to set the default browser I had a feature in my app that presented a list of installed browsers when a user opens an external link, giving them the option to choose where it opened.