HKJ
(HKJ)
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The purpose is to limit the current and in the case of 7135 also to stabilize the current. Without you would get a brighter light, but probably not for long (The led would die due to over current).
Current is not saying everything, you need both voltage and current to get power. When talking about flashlight the voltage is often assumed to be the voltage drop for one led, at the specified current.
A freshly charged LiIon battery has more voltage than a led needs, a depleted battery less, this means a flashlight usual needs something to limit the current from the freshly charged battery, to avoid blowing the led (like 7135), but when the battery gets discharge the brightness will drop.