My understanding is that the NBO methodology transforms the molecular orbital picture of a molecule into a collection of pairwise interactions (bond orbitals). This is obviously handy for didactic and comprehension purposes as it distils what might be a very complex and non-local MO picture into manageable lobes conforming to the introductory theories of chemical bonding (VB, orbital hybridisation) taught in high-school and early university courses.
Does natural bond orbital theory have utility outside of this role?