There are spear point bowies as well as clipped point bowies. I bet you are thinking of the clip point bowies:
With a fighting knife, ideally you want the point in line with the handle, making stabs very precise. clipping the blade lowers the point. Also, with a sharpened clip you get nasty back cuts, a technique that goes with bowies like ketchup does to hamburgers!
For a utility blade, bowies are good too. You get a fine point but a large, strong blade. The usefulness of the sharpened clip is up to your imagination. I have ehard of people sharpening it to a thick angle so that you could hack through tough materials like bone. Well, that is all from me for now!