Well, arbitrary sandboxed code.
I agree that by today‘s standards, the APIs that code has access to seem excessive and are well worth trimming down, but some of them are vital to the network‘s internal operations (like OTA updating the list of preferred roaming partners), while others enable new use cases (like M-Pesa mobile payments).
For example, multi-IMSI SIM cards are, in my opinion, an ingenious solution enabling entirely new products and bringing much needed competition to an industry that had been pretty stagnant (international roaming). That would not possible without the SIM application toolkit.