Have you ever used a lookup as a list of terms for a search (via inputlookup), but then you are not sure which terms matched? The matched command finds which terms exist in a field of text against a field or csv list of terms.
Command was created because of need identified in Splunk Answers 33662 - Identfying the Search Terms Matched (https://answers.splunk.com/answers/33662/identfying-the-search-terms-matched.html).