You have it exactly right, the use-case here is to encode direct to a delivery format such as M2T (MPEG-2 Transport Stream), if the source material needs no further editing. As Joshua pointed out, there are cards with onboard DSPs that will encode direct to MPEG-2, but they are becoming more rare, and a software-only encode from a card like a BlackMagic has a lot of advantages – ability to upgrade or change the codec, the BlackMagic cards have all the right inputs with good OS support, etc.
Joshua is also right that the BlackMagic cards are DirectShow capture devices, so it need not necessarily be a codec that BlackMagic supports in their application, another application could use the card via DirectShow and pipe the uncompressed video into a codec that way.
I just need to find that application, if it already exists! I have not had success so far turning one up, as you point out, it is a bit of a different use-case then this type of card is usually used for.
Dan