Many studios have/had them so they could shoot in (what looked to be) a city area without the REAL city PROBLEMS.
It is much cheaper for a film company to build only the fronts of buildings... as the INSIDE scenes where shot on a SOUND STAGE INTERIOR SET in another part of the studio at a different time.
DISNEY/MGM STUDIOS has a MOVIE-MAKER THEME, so this set is part of that theme.
(Besides, UNIVERSAL has one).
It is explained on the backlot tour as well. They talk about "forced perspective" and how set designers use it to trick viewers into seeing more than what meets the eye.