Grounding is to prevent shock, in the sense that it provides an alternate route to ground for faulty equipment and devices. It still will not necessarily prevent shock, or no one would ever get shocked. GFCI, groung fault circuit interrupter, prevents electrocution. Bonds are also grounded, but cannot act as your circuit ground by code.
As it was explained to me, if the ground potential of the pool, and therefore water, is different from the ground potential of the equipment you get minute current flow where they meet, in the heater usually, but sometimes other equipment as well. This current flow damages the equipment over time, usually in the deterioration of the heat exchanger. The bond provides a path of less resistance for that current, so protects the equipment. This was explained to me by a heater manufacturers technical trainer at a certification seminar. That's the class you have to spend several days in to become an "authorized (brand name here) service center". Usually boring basics for the newbies in the room, but you do pick up a few gems every now and then.