Which component? I imagine these are for all of the little things that need GPIO, like power and under-keyboard lights, the lid close sensor, etc. There's no use powering up the main CPU to slowly strobe the power light at you when you can offload that to a component that sips power.
If you look at the datasheet for that component[1] you'll see that it's actually a really slow (24MHz) "M8C" core, which turns out to be a MIPS core[2]. It's got a ton of GPIO and various other interfaces (I2C, SPI, serial) as well as USB. I would bet that that chip drives a bunch of the little stuff.