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keeps the weights from flying off the wheel at speed. The adhesive on the back is designed for average people driving, not speeds in excess of 110-120 mph. It will usually hold, but tape is an extra precaution (i think it might be in the scca rules too??)

Also, if a weight happens to come off of the inside of the wheel, at speed its inertia is quite large. It becomes a heavy projectile, and chances are it will cut through just about anything, including your brake line. Ive seen weights come off a professional race car, and bash quite a few things in the wheel well and punch a nice hole in the tin work.