When TIGER base maps are imported into Waze, there is no speed, directionality (one/two-way directions of travel) or if turns are allowed from street-to-street (known as turn restrictions). Road munching is the way Waze discovers "average" speed, directionality, and the ability to access other streets (turns).
If you aren't very competitive and you just want to help Waze grow that's great, but to make it more interesting, Waze puts out "road goodies" as bonus points. Yes, you saw the table which shows a breakdown (although I don't know how current it is) of what things get you. Some of the highlights are Wazer vs. Wazer and Country vs. Country. There are prizes given away, sometimes really high-value such as iPad's, etc...
Hope that sheds some light on the subject, feel free to ask anyone on here more questions, we're all friendly
Re: road munching?