This is really, really useful for doing language-to-language translation. Without the ability to arbitrarily branch from basic block to basic block, it's possible for the basic block graph produced by a program in one language to be simply inexpressible in your target language. You end up having to fake it with a while loop and switch statement, which has horrible performance implications.
(Emscripten has some exotic algorithms to try and express the source program's basic block graph using the target language's structured programming constructs. This is vitally important to make goto-less Javascript perform well, but it can't work in all cases, and some C functions will force Emscripten to fall back to loop-and-switch. And, of course, these functions are typically the ones which have been carefully hand-optimised for speed...)