"Is this one of those things or purely theoretical value with absolutely no practical application?"
Hrm. What's a practical application? You wisely tagged your question "computer-science". So I suppose your question is meant to ask, "is it practical to computer science?
In which case, the answer is...
Of course it is! It is taught as one of the first ways of classifying different language complexity classes, beyond just "big-O(whateverthehell)".
It shows that there are issues concerning computation beyond just runtime, in this case that some models simply cannot compute some functions.*
It is a pretty low-ball introduction to formal proofs concerning automata theory.
A huge part of computer science that most computer science students (my peers) seem keen on avoiding is the Theory of Computation, a classification which pumping lemmas obviously fall under.
The hopefully obvious fact is that the theory of computation, like it or not, is foundational to computer science. To not grasp the idea of different complexity classes (big-O by itself really doesn't cut it) will not spell the death of the computer scientist, but it will hide a considerable portion of the field from his or her view.
*Yes, usually the halting problem is shown as the first, but they never get it the first time around.
As for perhaps the more cynical interpretation of your question, in which you mean "does any piece of software really use this?", my answer is of course not. It is part of the foundation of computation, not its applications. This is not to sound dismissive of its applications, not at all. Both are of equal, noble worth.