I really admire Dropox for open sourcing this, it shows their commitment. Saving almost a quarter of space for most images stored is something that truly gives a competitive edge. (I say most because people probably primarily have JPEG images). Especially considering how many images are probably stored on services like Dropbox. And they just gave it away to their competitors.
IMO, it shows how they don't plan to make any money from this, don't consider it a large competitive advantage, and think that the largest advantage of open sourcing it are the 'free' open source volunteers will improve the software. It's interesting that they don't consider it a large enough competitive advantage. Either that or they are using this to attract engineers.
On a related note (I can't speak for Dropbox specifically) there are many engineers who desire their work to be open source for their own motivations, and when it's not a significant business risk to do so, nice companies will allow it.
So it works on two fronts, as a "hey, we'll let you open source your stuff" and a "hey, we've got people here who care about and contribute to open source."