I don't know about the role of this assumption in AI, which is what you seem to care most about. But I think I can answer about its role in philosophy.
One thing I want from epistemology is a model of ideally rational reasoning, under uncertainty. One way to eliminate a lot of candidates for such a model is to show that they make some kind of obvious mistake. In this case, the mistake is judging something as a good bet when really it is guaranteed to lose money.
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Giving up on debating the probability of a particular proposition, and shifting to debating the merits of a particular rule, is I feel one of the ideas behind frequentist statistics. Like, I'm not going to say anything about whether the true mean is in my confidence interval in this particular case. But note that using this confidence interval formula works pretty well on average.