Partly to provide a lubrication reservoir, but almost all because it's impossible to grind a drill with a pointed end, even a spotting drill has a very small flat on the end.
Of course, one could dub the end of the centre so it wouldn't bottom on a non-pointer hole.
The big advantage gained with spotting drills is that if the face is not completely normal to the drill or has any irregularity, a jobber or longer drill can walk around before cutting and then tart off centre. The spotting drill ensures that it won't do that.
Edited By Mark Rand on 30/09/2019 21:37:58