Well, first off, while you can configure it that way, I don't think that is the primary use-case. The primary one is
adding a "something you have" factor to the "something you know" factor.
If you have servers in a controlled surveilled environment, you might be less worried about someone carrying a whole machine away, and you might be more concerned with someone just pulling a disk out and intentionally or unintentionally leaking the data.
If someone can infiltrate your DC and take out a 4u server, then you have bigger problems to worry about.