Can anyone tell me what the point is of voting for the Speaker seeking reelection, if that person never takes a position on any substantive issue? It effectively disenfranchises the entire constituency.
The theory is that if the Speaker has a quiet word with a government minister about a constituency issue, he or she is more likely to be listened to attentively than an ordinary back bencher making a fuss on the floor of the House.
So far as not voting on the merits of legislation, the Speaker is insulated from losing support by the convention that the major parties do not run candidates in the Speaker's constituency.
No incumbent Speaker, seeking re-election, has been defeated in a constituency election for several centuries (certainly not since they began running as the Speaker without being even a nominal party candidate in I think 1935) so the arrangement works in practice however illogical it may be.