Online revocation checks must be performed.
By setting this policy to true, the previous behavior is restored and online OCSP/CRL checks will be performed. If the policy is not set, or is set to false, then Chrome will not perform online revocation checks. Certificates are revoked when they have been compromised or are no longer valid, and this option protects users from submitting confidential data to a site that may be fraudulent or not secure.
How this relates to the STIG checklist: STIG vs SCAP benchmark.