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No, it is just that – a functionality thing. As written above, and I write it again, this key is not used for encryption, only for authentication against a server, so providing your own key is a completely unnecessary feature. One of the reasons is Mr. Envy1851's situation: You should know that you're not supposed to use the same password in multiple places, so how is using the same key in multiple places any better? Your reasoning is really off and not something to be encouraged by offering such a feature.

I think I wrote it above – the key's sole purpose is to authenticate you against the AirVPN server. What purpose would it serve to provide your own?

Be advised that this key is solely used to authenticate you against the AirVPN server. Providing your own does not increase your privacy in any way. The actual encryption keys, which are rotated hourly at the latest to provide Perfect Forward Secrecy, are negotiated and used with the CHACHA-POLY1305 cipher; this process is entirely out of the hands of the user, though.