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It's there for 3D support. If you wanted to give a VM 3D acceleration, you'd install the Vib driver for your GPU and then would be able to enable it on a VM. Different beast from GPU pass through, believe this is what those Nvidia grid cards are used for. One gpu, many users.
I believe from a technical aspects it's being used to provide a render target for 3D commands passed to from the VM's simulated GPU to the actual GPU, which is then transported to machine viewing that VM's console by something similar to vnc/RDP.
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