The JFET with its gate tied to source forms a decent approximation of a constant current source. Since an LED brightness depends on the current, that would make sense to ensure a somewhat constant brightness when the voltage it's powered from can vary.
But in this case, the voltage comes from a linear regulator and is fixed. I don't see any benefit compared to a simple resistor.
It will even be worse than a resistor, since there is a wide dispersion from one JFET to another (and it's also dependant on temperature), much wider than for the treshold voltage of most LEDs. The current flowing through the LED will thus actually be much more predictable (within the tolerance of the resistor and the error of the regulated voltage) with a resistor here, than with a JFET.
Now if the output voltage was variable, that could make sense, but you would still have significant dispersion in LED brightness from one unit to another.