Your competition could be using black hat tips.  If they are, you need to understand their SEO gameplan well if you’re to outwit them.  You can only do that if you’re familiar with black hat seo techniques yourself.  Find out what their strategy is and try to beat them with your own tricks.  Or, you know, you could just report them when you find out (sneaky!).

Black hat tricks give you a better idea of how search engine algorithms work.  This is because black hat SEO practitioners exploit weaknesses in the algorithms, and use it at their own advantage.  This kind of knowledge will prove to be useful when you’re planning your SEO campaign.  Almost everyday, black hats figure out new ways to take shortcuts to the top of SERPs.  If you find out about these shortcuts, you can find a legit way to use them for your own site.

It’s much easier to explain to others what they can/can’t do during their SEO campaigns.  If you’re a web designer or SEO practitioner and your client is saying “I’ve heard something about raising your PR through a 301 redirect…” you need to know what your client is talking about.  A lot of people, especially those new to the SEO world, get a series of bad advice, often black hat in nature.  Knowing these techniques like the back of your hand can help you explain to people the downsides of applying them to their SEO campaign.

Because they make you look marginally cooler.  In other words, if you’re an SEO practitioner, you’d have more credibility if you know all the possible tricks – whether you actually apply them or not.  Although wearing an actual black hat on your head might make it seem like you’re trying too hard.

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