It has the practical effect of raising or lowering the operating pressure range of the pump pressure switch. So if your switch was running at 20/40 (on at 20 psi off at 40 psi), and you tighten this nut 3 1/2 turns, you'll increase both numbers so that the switch will now operate at 30/50 (on at 30 psi and off at 50 psi).
Usually the larger nut in the pump pressure control switch (green arrow in our photo at left) adjusts the pump cut-on ("cut-in") AND pump cut-off pressures simultaneously.