Our connectors are not gas tight, and the contacts aren't plated with noble metal impervious to the impurities and gasses in the atmosphere. This means the metals near the actual contact points of the connector can oxidize, and as the oxidation grows, it can creep between the contact points. As the contacts slide together it displaces the grease, assuming the contact pressure is correct for the design. The remaining grease acts as a barrier to separate the atmospheric oxygen, humidity, and air born impurities from reacting with the metal bits. If it is silicone grease, it will repel water, too.