Nylon ropes are a good alternative to dyneema ropes. They are strong and sturdy. They're used for our bear bags, for attaching hiking gear to your backpack, but also for tents and tarps. 

We also have a sturdier nylon rope: Corde nylon. An alternative to nylon rope is dyneema rope, which is highly regarded in long-distance hiking circles: Dyneema rope

Your mini nylon rope is useful for securing your belongings or the emergency equipment in your backpack.