As a current student there, it's real useful to be able to hit up a mailing list of your neighbors, when you need to borrow something.
I go to ASU, the only mailing lists I'm a part of are the ASU Linux User Group and a bunch of MIT lists that I've found my way to.
I had an algorithm trained to recognize free food, for example.
At MIT they can also double-up as AFS groups so it's easy to control access and message a team without having to update membership in two places.