It is used, for example, to find internal parts of the mesh, like hand joint in the knight example. Without the name, how would you find the required joint? You could do a for loop to find the required one or hard-code it (something like "int handjoint = 35; h3dSetNodeTransform(handjoint,...)"), but it makes the code harder to understand/maintain/etc. So the main reason is probably convenience.
As far as I know, practically all engines allow getting node by name. Some hash it, some not (this is more of a performance issue), but the functionality is there.
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