The most useful use-case that I know of is out-of-band data like a message that might be shown on every page. An action filter could add that message to the ViewBag conditionally. You probably don't want to modify every view model class to hold that unrelated message because it might be a cross-cutting concern. An example of such a message/widget would be Stack Overflows outage announcements.
I do not recommend using ViewBag instead of a view model. The model class approach has the typical static typing advantages at the small cost of writing a class.