My understanding is that one of the functions of the hose is to collect condensation and get it out of the intercooler core when sitting stationary. If you are driving on a cold, wet day and park with the IC in a freezing environment its remotely possible that the trapped water could form ice and damage the IC cooling tubes. The hose is lower so water would tend to flow there, and it will expand if ice forms without damaging the IC.
I looked at mine several times but never pulled it off . .. I mean, how much water could there be in there?
Then I read about the failures of the charge air coolers for the F 150s. In fact they had to redesign the entire charge air system because when driving under load in high humidity environments, the IC would condense significant amounts of water that would periodically get blasted into the intake and cause rough running. In some instances the water was significant enough to cause the ECM to shut down the motor.
Since reading that, if I lived in a very wet environment and was doing extended running I would want to take a look at the hose and see how much water (or oil) was really in there.