The use of tape around the magazines when I was in the service was for the following reasons:
1. helps to keep mags from rattling and being noisy in the pouches when moving - you would be surprised how loud that can be on a still night when trying to infiltrate. We would also have to "silence" all our LBE, ALICE, and slings, etc.
2. When in the dark or smoke, helps keep track of which side of the magazine is top and bottom for quick insertion and mag changes.
3. I know some who put colored tape to designate different types of ammo, such as SS109 and tracer.
4. Some guys rigged a quick pull device with tape and 550 cord to rapidly pull the mag from it's pouch with no fumbling - downside - it catches on trees and branches when moving through wooded terrain.
5. Some would fashion "Jungle Mags" (two mags taped together, one sometimes inverted} with tape by first wrapping one several times to build up a gap, then the other to secure them together. Eventually resulted in a sticky mess, but worked for the short term.
I can't think of any other reasons why we used tape on our mags.