It used to prefetch external images [1]. Another option would be asking whether to download external images. I think one can enable this in settings, default is always display external images.
Yeah I always have all images disabled by default and turn them on on a per email basis if it's absolutely necessary. 90% of emails don't need them or just contain tracking pixels.
[1] https://arstechnica.com/information-technology/2013/12/gmail... [2] https://news.ycombinator.com/item?id=6896378