As the accepted answer: It is not required, it could be used as SD reader (but slow)
Why it is slow and exist in first place? Well, because such USB modem usually implemented with same IC used for cell phone (like Qualcomm which used in iPhone and Android). Some have full Android OS, and SD storage is emulated to the PC system.
That chip has all features of phone but they are not configured, only SD reader which happens to be easy specially with dual slot holder (SIM+SD). It is same price/cost, developer has only to route wires over PCB. So it is a feature that just come in the way.
Deep reference: https://osmocom.org/projects/quectel-modems/wiki
Myself opened Lonsai HSPA USB stick (LS100) which contains Qualcomm MSM7227/RTR6285 (S1 generation).