I was very skeptical of the camera covers, but then through conversations with some of my co-workers, I realized that they weren't being used because people were worried about spies secretly turning on the camera. It was 90% of the time just peace of mind that their camera was actually off, instead of having to find the sometimes hard to see options in video chat programs etc.
I cover my camera to avoid that 5s mental dance at the start of every meeting.