They don't seems to have any real use, apart from giving more rep to a faction and diffrent spawn aura.
https://www.youtube.com/watch?v=mcwmbboLm2U
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I love the new fractions like 1/2 and 3/7
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They look cool, especially the Hunter cloaks
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Because they are amazing? Duh
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They are the only class items that give bonus rep towards a faction, the rest are just crucible and vanguard.
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Just like any class item, it's there to show off and look cool.
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They give you extra rep gains for that faction. That's really it. If you manage to hit rank 25 with only one shader, it's something to get excited about I suppose.
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They give you an xp bonus and unlock your third subclass 25% faster. Once you hit 40 and have your subclass unlocked or nearly so, then no. They just look neat.