I'm not exactly positive what you mean by "does", I mean it is not like it was installed by a team of engineers <g>, but the main two things I can offhand think of are:
1) first and foremost, it is a powerful signalling tool among chickens. Among males, it is an advertisement of General Manliness (because redness and, in wild populations likely to often be growing up under poor conditions, size also, tend to reflect the overall health and vigor of the individual). Studies have been done looking at how comb redness/type/size affect the likelihood that another roo will fight vs back down, and the likelihood that the comb owner will win if a fight occurs. And to females, male comb redness (and I *think* also size, although I am not sure I can produce a reference for this offhand) are also advertisements of the male's likely "fitness as a mate" and thus tends to influence how inclined a hen is to mate with him.
2) combs also act as radiators in hot weather, to help expedite heat loss and prevent overheating of the chicken's body. In principle very large combs are more effective at this than small ones, although I am not sure whether anyone has ever shown a *disadvantage* to (say) pea-combed chickens in surviving hot temperatures. (Although, I dunno, anyone else know about this?)
Pat