There are several reasons and effects.
One constant one is that it allows a flatter hull (and floor) while minimizing beam. On boats with chines, if the hull had continued up at the original curve, the boat would be 1-3 feet beamier.
Now on racy boats, this flat bottom helps the boat plane. And the leeward chine in the water acts like a keel, or perhaps more like a strake. I've been on this 12.5 and it planes in 12 knots of breeze.
On more crusing orented boats, it allows a larger floorplan for a given beam. The boat does not plane, but the chine adds some benefit while sailing heeled.