It would be helpful in cases of dynamically inserting markup into the page. If the CSS was coded to account for the possibilities then you only have to insert your new HTML into the page without having to add a class to its parent.
Say, an unordered list and the list items it contains can be styled based on the content that the list items may happen to contain; again without having to add classes to the parents.
Or maybe a form, you can add an error class to one of the inputs and then style the entire form based on the fact that one of the inputs has the error class.
Another use if you have one person entering text, such as with a CMS, then you can have another person code the CSS to handle differently possibilities of what different parents might contain. That way the person entering the text through a WYSIWYG editor wouldn't have to worry over adding classes to the parents while editing. It'll just happen.
It's not one of those features that will change CSS as we know it but it would be a useful feature. Over the years there were times I really wished I had this feature, mostly because it involved server-side generated HTML that would be a pain to get altered for one reason or another.