A check valve is a vital component for any co2 system, or air pump... Because they're designed to allow air to flow one way, and protect against water back flow. Say you're using an air pump and the power goes out, if there's no check valve then the water is able to start back flowing through the air line tubing, thus ruining your air pump and will actually start to drain your tank, and flood your home.
Check valves protect against this by blocking back flow in the air line tubing by protecting against any sort of reverse flow that can damage aquarium equipment, and most important your house!!! If say the power goes out, and water tries to back flow into the air line the check valve blocks any reverse flow...