Since ya asked....... I dunno for sure, so to find the answer I went to a search engine and found a bunch of other uses and information, have a look around and you'll find stuff like
"I was forwarded an e-mail this morning that announced bounce laundry sheets (anti static) were being used by the US postal service as a repellant for yellow jackets and bees. They are carrying them in their pockets. It also said that bounce repels ants and mosquitos. This was a timely e-mail as this week the first confirmed case of West Nile disease was found in a dead crow in our area"
"I performed an experiment. Yesterday I had lifted a pot and found a huge gathering of ants beneath it. This morning I took a bounce dryer sheet and once again lifted the pot. I put the dryer sheet down and within 10 minutes there wasn't an ant in sight.
I'm thinking if bounce laundry sheets were placed under the four feet of a bed and in the creases of furniture it might work better than dusting DE in the house. It wouldn't hurt experimenting to see if those suffering from animal or bird mites get relief from placing bounce dryer sheets in strategic locations in the house. Call it a group experiment. It also wouldn't hurt to use bounce in the dryer and see if besides the anti-static/wrinkle benefits it provides repellant action. Rubbing clothes down with a sheet before going outside might be a good idea. No one in our family has ever had a skin reaction to bounce, but Borax has caused severe skin reactions. "
I'm still not sure what it is , but the stuff is nearly as usefull as WD 40 it seems !