/usr/lib/perf/libperfstat_updt_dictionary
is an executable. If the setuid bit is set, then it gains the privileges of the owner of the file (which is root in this case). See setuid for more information. With the effective user of root, it can do anything it wants to. This opens holes that can be exploited which are explained in the "Security" section of the referenced page.
It creates /usr/lib/perf/libperfstat_dictionary.dat
which appears to me to be stats only for disks and then topas uses that.
As far as "usage"... I would not call it directly. Its not a "user" type program but more something hidden in the background used by topas and perftools. argc and argv are not used. Its a one trick pony.