As you turn a volume pot down you increase loading on passive pickups, which has the impact of decreasing treble. This is why people put in treble bleeds - they want to keep their highs while turning down. The way a simple treble bleed works is it keeps treble frequencies (set by the value of your treble bleed cap) at max all the time. The rest of the guitar frequencies will be reduced as you turn the volume pot down. Sometimes this is exactly what you want, but especially at lower volume settings it can make the pickups sound too bright.
A no load tone control lets you remove the tone pot from the circuit entirely (making things brighter) but it also lets you use the tone control as normal. So worst case scenario, if things sound weird because they're too bright as you roll the volume back, you just need to roll the tone back too.