I think the main niche is that rock is strong against fire (doubly so against rock/flying) while rock/water is double resistant to fire.
The desirability dates back to a time before Gyarados had a water fast move (long before Kyogre) when Omastar with Rock Throw ranked highly against a lot of fire, fire/flying, and x/flying raid bosses.
Also it is a fairly rare move that was removed from Omastar's available move pool very early with the first round of move changes.