This has many benefits, and allows dapps to experiment with defining their interfaces with blockchain-enforced security.
When loading a page in this way, MetaMask shows a loading pages that credits Portal.network. Some users have expressed concern at why they are seeing a new logo. Portal.network is an Ethereum blockchain organization that generously contributed this feature to MetaMask. We are not actually hitting their servers or giving them any user information when using this feature.
When using this feature, MetaMask loads the ENS information from the blockchain like normal (asking Infura by default), and then loading the IPFS information from Infura as well. We are already working towards integrating the IPFS client into MetaMask, but we are asking Infura for the information in the meanwhile, to allow users to experience this type of feature before it is fully decentralized.
We may also allow users to specify their own IPFS gateways when using MetaMask, the way they can configure their own blockchain RPC addresses today.
We hope this clarifies any questions about our relationship with Portal.network. If the confusion persists, we will probably remove their logo sooner, but we thought it was nice to give credit where due, to a group that donated a feature for free.