Drainage.
Water gets in when you ride through a ford that's more than a foot deep. There are ( should be ) small holes in the chainstays too.
If you had an 'olde style' BB with cup and cone and loose ball bearings; when you are tanking along, the grease melts and seeps to the hole, which needed unblocking on a regular basis, or else when one rode through the deep ford, the water gets in through the holes in the chainstays and can't get out through the hole in the BB shell.
Another use for this hole is to inject grease through it with a specially shaped syringe needle. The needle is curved so it reaches the BB bearings which are to be re-greased without dissembling the BB cups and cones.
"True or false? True or false?"