It definitely is up to how you interpret the time.
One of possible scenarios I could make up is literally - when a token must last from some particular point in time til another point in time.
Say, you're selling some API or resource. And a client purchased access that lasts for one hour and the access starts tomorrow in the midday.
So you issue a JWT with:
iat
set to now
nbf
set to tomorrow 12:00pm
exp
set to tomorrow 1:00pm
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