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I hadn't. It's a way of putting all the blogs you follow in one place and reading the new posts easily. You can also 'claim' your blog by adding it, if you register it, and have it featured for people to find when they want to find blogs on certain subjects.
This tells you all about it:
https://dailypost.wordpress.com/2014/08/26/bloglovin/
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I'm in the process of moving my old Blogger blog to Weebly and was looking for a new way of keeping track of blogs I follow. I'd heard of Bloglovin' but thought it was just another blogging platform. Now had a good look at it and signed up!