I would assume it's there for the sloppy calibration of our speedos. Their equipment is regularly calibrated.
The difference between the true speed and the indicated speed will vary measurably, depending on the tread depth of the tyre.
Although, theoretically, the speedo should never under read.
No, it's for their equipment (and the way they use it). Car speedometers are governed by regulation, with very substantial penalties and recalls for car manufacturers who are found to be out of compliance! For mainstream cars, the speedo type approval requirement is that it can OVER-read up to 10% +2.5 MPH, but it cannot UNDER-read - under any circumstances. For this reason, manufacturers always set them a bit high. Check pretty much any mass-produced car's speedo against a GPS and it will be 2 or 3 MPH higher than true speed, when fitted with the correct tyres. In reality, this means that prosecutions for speeding in a 30 zone, where the car's speedometer was reading less than about 37, are pretty rare.