Here is my very basic understanding, hopefully Plantbrain can fill in the details.
Chlorophyll uses iron for photosynthesis and looks green. When you have a system with macro algae, mangroves, green nuisance algae, and zooxanthalae, which all use chlorophyll for photosynthesis, you can deplete iron quickly. This can be seen when green corals start looking yellow. The DPTA keeps the iron suspended in the water and allows less frequent dosing.