It's not useless - it's a specialised form of the plain > redirect operator (and, perhaps confusingly, nothing to do with pipes). bash and most other modern shells have an option noclobber, which prevents redirection from overwriting or destroying a file that already exists. For example, if noclobber is true, and the file /tmp/output.txt already exists, then this should fail:
$ some-command > /tmp/output.txt
However, you can explicitly override the setting of noclobber with the >| redirection operator - the redirection will work, even if noclobber is set.
You can find out if noclobber is set in your current environment with set -o.
For the historical note, both the "noclobber" option and its bypass features come from csh (late 70s). ksh copied it (early 80s) but used >| instead of >!. POSIX specified the ksh syntax (so all POSIX shells including bash, newer ash derivatives used as sh on some systems support it). Zsh supports both syntaxes. I don't think it was added to any Bourne shell variant but I might be wrong.
>|at: http://stackoverflow.com/questions/818255/in-the-bash-shell-what-is-21/14195276#14195276 – F. Hauri - Give Up GitHub Jan 07 '13 at 14:31