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They provide the enchanted card with a new loyalty ability, as well as a beneficial static effect

"Why Magic: The Gathering struggles to stay relevant to casual players"

Especially with Dragons Rage Channeler and also Ledger Shredder, Mishras Bauble still performs and synergizes very well with mentioned cards, being able to manipulate the library, making up for better draws, helping with Delirium and fueling the graveyard for earlier Murktide Regents

The central gambit here is using Squee, the Immortal as an always-available infinite combo piece, though most of the infinite combos are fairly convoluted (3-4 cards)

Phage the Untouchable, and Sliver Overlord in the block that followed

Bilbos Ring does excellent work in this deck full of hobbits and ring tempting, making sure your ring bearer is unblockable and hexproof on your turn and drawing a card per attack cycle in a deck that could care less about the single life loss