The basic idea behind a key for a vehicle is to keep an unauthorized person from using your car to go somewhere else - probably further away from you than you would like your transportation to be.
I would think that this would be true for spacecraft as well - I certainly wouldn't want someone stealing my Saturn V rocket!
However, it seems that there is much more required to launch these space vehicles. Has the system of a key ever been used on a spacecraft for security?


T-6:15 Key to launch command given at the launch siteandT-5:00 Launch key inserted in launch bunker. During the last launch, I've also clearly heard them say Launch key inserted at T-5:30. ;) – TildalWave Sep 26 '13 at 23:08