When a foundry wishes to offer a limited character set as a trial font.
When a developer wishes to strip unrequired languages from a web font.
When a foundry (or designer) wishes to distribute a collection of glyphs for a specifics use, as was the way with small caps or stylistic sets prior to the arrival of OpenType.
When a foundry wishes to create a customized collection of glyphs (perhaps with modifications) for a client.
There are many online services that can generate subsets for the user on-the-fly, but it’s important to consider whether a particular font license allows for subsetting or not.