Colin Powell is still relevant?
If one looks at it from a few angles, one can see why Colin Powell is in a unique position to endorse Hillary in the way that he does.
Being a very decorated general with war experience, he is a strong voice for GOP war hawks, whose voters comprise a large section of the electorate that Trump is trying to win. That makes him a strong voice towards right-leaning voters.
Towards left-leaning voters, he is a strong voice because in being black, he is able to stand up to the bigotry of Donald Trump toward minority groups. The combination of being a decorated general and black just rips away any claim Donald Trump has of being a credible "war hawk", while highlighting Trump's bigotry towards minorities.
Condoleezza Rice also would have made a good endorsement, but not quite as strong as Powell. Number one, is that Hillary, being a woman, would benefit more from someone endorsing her who is male, appealing to the masculine side. And also, being a pure civilian, she doesn't have the "war hawk" gravitas that Colin Powell has.