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The standard reason is to add in features that the original device creators did not include. For instance for the Kobo family of eReaders there are two additional "readers" available, KoReader and CoolReader both of which add in bells + whistles. These include the ability to use a file browser interface to select reading material as opposed to the Kobo supplied shelf model, an alternate PDF renderer that some feel provides more performance than Kobo does.
Its the same as on a PC. Many people are happy leaving the OS as supplied by the vendor; others (like you) choose to replace that by Linux.
The Kobo's actually don't need a jailbreak per se; all that is required is to copy a tgz file to the .kobo directory, at which point the tgz will be decompress and untarred, and it's contents used to replace / augment the default files on the hidden partition of the Kobo.
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