ctrl v is convention for paste, but plenty of things (ex terminals) use that for something else. this is a universal (wrt the app receiving it) keycode that means paste. it lets you bind a key, or a keyboard shortcut, to the paste key and paste in any app. without this it isn't possible.

it doesn't even have to be a new programmable keyboard. there exist software key remappers for linux.

you could remap a mouse button to paste, you could remap ctrl v to always paste regardless of the app, etc., all in software, all not possible before.