Is there a limit to how fast a pulsar or other large, massive, dense body can spin?
The answer is yes! If it spins faster than a massless satellite in equatorial orbit at zero altitude, then it won't be stable. This is because any particle moving faster would migrate into a higher orbit. And how do we go about calculating the period of such a theoretical satellite? By applying Kepler's third law in this form: $M=A^3/P^2$, where $M$ is the mass of the pulsar, $A$ is the equatorial radius, and $P$ is the orbital period. (We also may have to adjust for oblateness).
This is much better said by Haensel et. al [2008]:
The frequency $f$ of stable rotation of a star of gravitational mass
$M$ and baryon mass lower than the maximum allowable for non-rotating
stars is limited by the (Keplerian) frequency $f_{\rm K}$ of a test
particle co-rotating on an orbit at the stellar equator.
So we call $f_k$ a "Keplerian frequency" because it is the maximum possible rotational frequency for a star, and we calculate it using Kepler's 3rd law. The Keplerian frequency is important because it helps bound the size and mass of pulsars and other rapidly rotating bodies.