Since the Corrupt Slime splits into three new enemies upon death, it is great for farming items like Gel, Souls of Night, or the Blindfold. For instance, the chance that at least one Blindfold is dropped from the Corrupt Slime and the three Slimelings is 3.94% / 7.76%, as opposed to 1% / 2% from a single Corrupt Slime or Slimeling.
Care should be taken with "volcano-type" farms. When the Corrupt Slime breaks into Slimelings, they will be able to phase through blocks for a short period of time, potentially reaching the player.
The Corrupt Slime can be considered the Hardmode version of the Mother Slime, which also splits into three smaller slimes.