Age restrictions let you set the rules for who can buy and use a ticket: 16+, 17+, 18+, 19+, 21+, or accompanied-minor policies. You set them at the venue level as a default, then adjust per event when a booking calls for something different.
Most venues run the same age policy night after night, but not every show fits the pattern. A touring all-ages act, a members-only late show, or a liquor-license restriction each need their own rule. Setting that rule once, in the same place you build the ticket types, keeps the policy attached to the ticket instead of living in a separate memo to the door.