It's supposed to retain a little oil, there's a paper on it somewhere I read a few decades ago when I was wondering the same thing. When engines didn't have oil pumps, the less than complete grove introduced an effort to retain oil, then someone came up with a pump (most engines still didn't have a filter until the mid 50's).
The first place I ever saw this was a 38' Hornet (one of dad's beach cars). Seems Mr. Winfield was the one that made the suggestion FWIW.