Reverse DNS proves that the person who owns the IP address agrees that the DNS record should be pointing to it.
Anyone can create a host record hello.mydomain.ca and point to any IP address they want, spoofing a website. Let's say I point to the IP of amazon.com.
Now granted, there are many other checks in place these days, especially if you're using SSL certificates on the original site.
But a reverse DNS would show the true owner/domain of that website. There may be 100 DNS A records pointing to the same IP, but the reverse DNS shows you only the correct A record.
Edit : Since I disagree with davidgo but cannot yet comment on his post.
David states that Reverse DNS is outdated, no longer needed, etc. This is completely wrong.
If you're running Email servers and do not set up PTR records, you can expect Gmail, Yahoo, Microsoft to mark emails from your domain as Spam. See here for one example.
Logging and Monitoring systems which see traffic from IP Addresses will use Reverse DNS to put human-readable names to IP addresses.
Day-to-day troubleshooting by Network and Security admins will rely on Reverse DNS to once again map IP addresses to hostnames, application names, etc.
In my line of work it is used every day. If David wants to assume the world has left Reverse DNS behind he can do so. But he shouldn't spout out such nonsense without evidence.
If Reverse DNS is useless, there would be an RFC that outlines the death of Reverse DNS. There is no such thing.