In addition to damping ringing of the metal, it provides more mass, which many believe helps dampen vibrations and unwanted resonance.
Sound Anchor uses sand to fill their very well-made steel stands.
Star Sound sells
Micro-Bearing Conductive Steel™ ball-bearing steel fill material
that they use in their own highly-regarded stands, and that they previously used in cables they made.
Core Audio Designs uses lead shot, clay, and sand in their racks.
Some people use lead shot alone, which I have never tried. You would want to be sure the lead is used in a sealed chamber, such as the sealed legs of an equipment rack, so the lead is not exposed or allowed to migrate to areas where it could be ingested or inhaled by humans.