Eclipse plugins are created to achieve some commonly used/desired configurations at much ease. As you said, you can create a Dynamic Web Prject
and then perform couple of steps to convert/support JSF. JSF project is created with those required configuration already done for you.
Same example you can apply even between, a simple project
(created though New -> General->Project option) and Dynamic Web Project
i.e. you may create a simple project, create files/folders, update the class path etc manually and achieve the same which is directly available through Dynamic Web Project
option. These plug-ins/options help you avoid several manual steps to reach a commonly desired functionality. JSF project is no exception.