In certain cases, it might be necessary to restrict the display of a webpage to a document mode supported by an earlier version of Internet Explorer. You can do this by serving the page with an x-ua-compatible header. For more info, see Specifying legacy document modes.
- https://msdn.microsoft.com/library/cc288325
Thus this tag is used to future proof the webpage, such that the older / compatible engine is used to render it the same way as intended by the creator.
Make sure that you have checked it to work properly with the IE version you specify.