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Setting the policy to Enabled or leaving it unset lets Google ChromeOS devices use remote attestation (Verified Access) to get a certificate issued by the Google ChromeOS CA that asserts the device is eligible to play protected content. This process involves sending hardware endorsement information to the Google ChromeOS CA which uniquely identifies the device.
Setting the policy to Disabled means the device won't use remote attestation for content protection, and the device may not play protected content.