The MSDN documentation doesn’t explain in detail what its used for.
Since its optional, I almost assume its like metadata of some sort.
How I look at it right now, I’d like to use it as a way to specify caches for specific users only such as:
new CacheItem(key: "keyName", value: objectData, regionName: "userName")
What is the responsibility of the regionName property of the CacheItem class? What is it used for?
From Caching Application Data by Using Multiple Cache Objects in an ASP.NET Application (archive)
(my emphasis)