This addition was probably initiated back in the 1930s or 40s
when transoms were made out of stacked boards - not plywood.
this addition of the "Transom Outboard Plate" would give the
transom boards the rigidity needed to keep the motor from cracking the joints (????).
Thus, the tradition still continues on wood boats, fiberglass boats
and aluminum boats without a definative answer.
(a) stiffen/strengthen the interior transom
(b) increase the thickness of the transom for proper motor mounting
(c) decrease vibration to the hull caused by the motor
(d) aesthetic reasons - it just looks cool (if done correctly)
personally, I pick all of the above and just use it !!! (but, honestly, I like it for #(d).
and a note: it must be preserved and waterproofed to the max as this piece
is often submerged in the water