This idea has very little practical use and is purely a vanity item. There is however one major advantage fr CCP games - the introduction would allow for the creation of somewhat more “compelling” youtube content and thus serve as an Eve recruitment aid.
The button simply allows the ordering of similar vessels in to well ordered formations. This function is accessible by default in the paleo-eve, i.e. Homeworld 1&2, Similar vessels that are deployed organize in very smooth looking formations.
This would look awesome.
Imagine two armies fielding fleets, and a fleet commander can move all similar vessels (frigates by race, T1, T2, etc.) in to one of several orderly formations. This might have morale benefits, and help in structuring wings, and would have propaganda value. It might also actually increase fleet discipline.
Imagine a few hundred Cynabals in a wall formation. All with the same skin. I’d say the effort on part of CCP games in implementing this well worth it.