It's mostly so I can immediately see which targets are phonies. Every phony has a line directly above it adding it to the list of phonies. When a makefile gets complex enough we need all the help we can get.
I use phony targets so much I wrote a shell script to parse the makefile database dump into some sort of help text. It doesn't depend on that variable at all.
What does it get you other than the ability to print the list of all phonys?