Dump Valves
Without a dump valve, when the throttle was closed, the build up of boost pressure would be immense, very similar to closing a quickly flowing water tap.
This excess of pressure, (which could be over five times the running boost pressure), would put the components of the system under a great strain. It would try to burst the intercooler and pipework. More significantly, it would put a large strain on the turbocharger itself, firstly stalling the compressor shaft, then trying to force the compressor wheel out of the turbo, against its bearings.
So, the dump valve prevents mechanical damage to the intercooler & turbo pipework, prolongs turbocharger life, and prevents excessive turbo - lag that would be caused by the compressor shaft stalling.