I can see the benefits to it in some areas, but only if you’re leaving it unattended, which you probably shouldn’t be doing during the main brewing process.
I feel like this is more sensible than a lot of iot junk. Lots of things to monitor in a brew process and it may be more convenient than checking manually all the time.
I've homebrewed before and haven't needed one but if I had to sincerely guess then maybe you could get something that monitors temperature, pressure, density, etc. to track the progress being made fermenting it so you know when to take it out of the smartbucket?