It's meant for filtering the supply power, though I'm not convinced it's a good idea to use an inductor here. If you have a dirty supply, or if you need to keep noise from the bluetooth module out of your supply, it would probably be better to use a ferrite bead.
A ferrite bead is something rather similar to an inductor, but instead of being designed for storing energy with low losses, they're specifically designed to have high loss at high frequencies. Where a low-loss inductor would just act as a barrier to noise energy, bouncing it back where it came from, a ferrite bead actually dissipates noise energy, removing it from the circuit entirely. The reason you'd use a ferrite over a resistor (which would also work) is that the loss in a ferrite is frequency-dependent: the loss at low frequencies and DC--where a power supply line normally operates--is very low, while the loss at high frequencies--which are undesirable on a power line--is high. A resistor would have similar losses at all frequencies.
A suitable ferrite bead would also have much lower inductance than a suitable filter inductor, meaning fewer problems with voltage spikes that could potentially damage your bluetooth module.