Fortunately the specs make it look a lot more useful: part from min and max, you can also specify high and low ranges, and what the optimal value is.
So this is useful for all sorts of gauges about machinery: is the fuel tank full or empty? How is the pressure in a tank? How fast is the engine going? It's for situations where high/low, full/empty is more important than exact values. It's useless for specifying the temperature you need to set the oven at, but it would be useful for reporting how close to that temperature the oven currently is.
It would be nice if you could style it in different ways, like different kinds of gauges, and possibly also with numbers for various ranges. I have no idea if that's supported.