It’s about matching the volume of various inputs so you do not need to adjust the master volume much, certainly avoid any loud jump from an input change
Often you are talking about more or less attenuation rather than gain.
Much equipment, like my McIntosh Preamps SS C28 and Tube mx110z have ’trim’ controls for the phono and aux inputs to match them to each other. They were located near the front on the top, you pull the unit forward a few inches, adjust them and push the unit all the way back.
My Tandberg Receiver had trim controls in the back.
Any unit I have had, like Onkyo DX-7500 CD Player
https://www.hifi-classic.net/review/onkyo-dx-7500-430.html
had 3 outputs, rca; direct; and variable. I couldn’t hear any difference, neither could my friends.
Likewise, I had 3 oppos, and the output variations sounded the same to me. Turning off the display may be measureable on the bench i.e. .00002, but its marketing IMO.