This is very similar to the 'array-type', which I've written about before (And could talk about if you're interested). Functions (and arrays) degrade into a pointer to themselves when used in most situations (for functions, I can't think of a real case where it doesn't degrade, besides declarations). But the 'func' in this case
is the type of a 'function' ('value function' as you're referring). Interestingly, declaring something of type 'func' is the same as forward declaring a function of that type:
typedef int func(void);
/* These two lines are equivalent */
func foo;
int foo(void);
Obviously though, the above is of limited usefulness. It is kinda handy to ensure functions are compatible with a certain typedef, but if it isn't you'll generally see warnings or errors in other locations anyway.
The advantage of my technique here is that it doesn't 'hide' the pointer inside of the typedef, which I consider poor form. Consider these two:
typedef int type1;
typedef int type2(void);
typedef int (*type3)(void);
type1 *var1;
type2 *var2;
type3 var3;
type3 *var4;
All of the above are actually pointers, but from the declaration alone you can't tell that `type3 var3` actually declares a pointer. In fact, `type3 var3` and `type2 * var2` declare the exact same thing (minus the name), but `type2 * var2` makes it clear that `var2` is a pointer and not a value type. I find this to be a fairly nice aide in reading, and if you keep this consistent for all types then you don't ever have to worry about a pointer being hidden, or the usage not matching the declaration (IE. You declare it as `type3 var3` but then do something like `* var3`, which looks incorrect unless you know `type3` is actually a pointer).
Moreover, lots of people that are newer to C (and even those that aren't but just aren't clear or didn't fully check what `type3` is) will attempt to use `type3 * var`, a double-pointer to a function, when what they really want is `type3 var`, a pointer to a function. There's no confusion over what it is if you don't hide the pointer in the first place, and there's really no great reason to hide it besides not knowing you can avoid hiding it in the first place. Even when you're not new to C, keeping track of things when people do `typedef struct foo * bar` and then `bar * foo2` can get to be a headache really fast.
Edit: Fixed formatting