Slotkets were first created to allow the use of Socket 8 Pentium Pro processors on Slot 1 motherboards.
Later, they became more popular for inserting Socket 370 Intel Celerons into Slot 1 based motherboards.
This lowered costs for computer builders, especially with dual processor machines.
Additionally, adapters that go the other way around (from socket-based motherboards to slot-based CPUs) were also never introduced, especially since Socket 8 based motherboards do not support the higher clock frequencies of Slot 1 based processors.
Today, slotkets have largely disappeared, as Intel and AMD have not manufactured CPUs in slot form factors since 1999.