In short: To reshape and mitigate the received signal from (Noise, Distortion, Dispersion and etc.).
According to wikipedia: Equalization (communications) In telecommunication, equalization is the reversal of distortion incurred by a signal transmitted through a channel. Equalizers are used to render the frequency response—for instance of a telephone line—flat from end-to-end.
As correctly answered by many researchers in this thread, equalization in MIMO is used to undo the effects of the channel at the receiver side. I also want to add, for MIMO, and using zero-forcing or MMSE equalization, you suddenly have a very pretty equation that describes the SINR per stream as a function of the input SINR divided by an element in a diagonal matrix (typically an inverted matrix involving the Hermitian transpose of the MIMO channel H).