It's mostly cosmetic, although it can add some protection against corrosion, but why coat the stainless blade??? For high carbon tool steel folders coating helps the visible part of the blade to be protected from rust, but if left in corrosive environment it will rust at the pivot area anyways, because it has no coatings. I have several uncoated blades in tool steel and with minimum care I never had a rust on them.
For tactical/military blades black coating helps to prevent the enemy from spotting a shiny reflection of the blade when knife is being used. I personally stay away from blade coatings because it gets easily scratched with use, making blade to look not so appealing.