The purpose is life safety. In a fire or emergency, an egress window provides a second way out of a below-grade bedroom and lets rescuers in. Without it, occupants of a basement bedroom can be trapped, which is why the requirement exists.
Older finished basements are a common concern. Many were converted to add bedrooms long ago without a code-compliant egress window and well. An inspector notes when a basement room used or marketed as a bedroom lacks proper egress.
This finding has practical implications. Adding an egress window involves cutting the foundation and installing a window well, a meaningful project. Knowing about it before closing lets you weigh the cost and understand how the space can legitimately be used.
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