What does the Service profile do?

When I say 'service' profile, I mean the profile type 'service', visible at "Local Traffic  ››  Profiles : Other : Service" or tmos.ltm.profile.service.

The BIG-IP Local Traffic Management: Profiles Reference for v14.1 doesn't have an entry for it, tmsh doesn't include a man page for it and the help documentation in the webui says of the one configurable option "Type: Specifies the type of service statistics to be collected by the Service profile. You can select ICAP, Inline, TAP, HTTP Explicit Proxy, HTTP Transparent Proxy, or F5 Module. Select F5 Module if connecting to another F5 service, such as DataSafe."

Clearly it's related to service statistics, but what exactly is it doing? How do you configure and use it?