...It's just a graph of transmission vs. wavelength and, as you note, it stays around 90% through the visible spectrum. But what's it for? I can guess that it's for light that's linearly polarized in the filter's direction of polarization.
That's exactly what it is.
But then, what's the transmission for light that's polarized at 90 degrees to that? It could be 90% too...
No, it's virtually zero, as it is for all polarizers. Any polarizer you can buy -- even the cheapest -- is virtually 100% effective.
Some people think there is a big difference in effectiveness of polarizing filters. What they don't realize is that's a function of the subject, not the filter. 100% polarization of the subject is an exception, not the rule.
A few years ago I posted some explanations on DPR, with example photos.
Click here and read my posts, especially the ones with pictures on the second page, and later.
Also click here and read my comments if you want.