And that third bullet? When it's a young child that has memorized, it's a way of showing off how "smart" your kid is.
We are not religious in any way whatsoever. When my kids were about 3 years old, I got them to memorize the Gettysburg Address and the quadratic formula. They had NO idea what they were saying, but they always got praise & compliments! It's a party trick. Same concept as fundamentalists having their toddlers recite verses.