It looks like S1 will turn on and off the 555. Perhaps the intent is that you can turn on the 555 and let it flash the LED or allow the R.Pi to control the LED. Some context might help but it could be a circuit designed for a demonstration or learning rather that for function.
Another option would be that the R.Pi has that GPIO set as an input and it's doing something with the information about whether the LED is on or off (e.g. counting, signaling a user by some other means, ect.). Again, without context it's difficult to tell.