1. Positive PR
2. External targeted contributions. For example, most people submitting patches to open source software are facing some issue as a user. If they are experiencing the issue others may also be experiencing similar problems. This is a much better way of driving development compared to doing it post expensive market research.
3. Marketing
4. Recruiting vehicle
5. Increasing the size of markets. For example Google is trying to bring more people online with Android to increase the size of search market.
6. Commoditizing complements http://www.joelonsoftware.com/articles/StrategyLetterV.html
7. Reducing the cost of training new employees
8. Increasing their influence in which direction to take the industry. For example setting standards for server hardware with Open Compute Project.
9. Free testers
10. Improving employee morale
GitHub projects notably exemplify this -- not only is it a painless/cheap indicator of an employee's skillset, it also works for companies too.
On top of that, it fosters communication between teams in the industry and (in some cases) serves as a recruitment channel. Those that contribute in a meaningful manner to your open-source projects must meet certain standards and expectations, and finding such people is difficult. In this case they come to you.