It means exactly the same thing as on a normal variable, and it boggles the mind that people somehow not understand that. Given 'volatile int i', 'i++' means the exact same thing as 'i = i + 1'. Does that also not make any sense to you? If it does, can you explain why you believe they are different?
Volatile member functions and parameters make no sense, but volatile member variables most certainly do. And there is considerable pushback in the C++ community because this is a significant loss of compatibility with various C-headers used frequently in embedded applications. I wouldn't be surprised if the deprecated features will be reinstated in the language in the end.