As a seal is the only thing I can think of. To be honest, until I got my CTD I think I've only replaced one T-stat prior to that and I can't recall that there was such a rubber part. The only other use for it, I think, is something that can be lost and/or dislodged that forces you to replace the T-stat!
I'll quit messin' with you now and let someone with a better idea possibly reply.
-Jay