I've only seen it used by companies that cannot get out of their own way.

Instead of news.honda.com (their actual domain) or hondanews.com (actual domain, redirect from before, all owned by them, also has news) or honda.global (makes sense, but nothing there) or honda.com/news (makes sense, but nothing there) they go waste money on a new gTLD. So we have global.honda/en/newsroom/. .

At least they're using it: https://domainmetadata.com/list-of-all-honda-domains