Put simply you have two bios chips on the card to run it.
You have two modes one is stock frequency's of a GTX 770 card.
And the other is Super clocked mode.
By flicking the switch you change modes on the card based on the bios settings.
That is what the switch is there for super clocked mode.
What ever you do. Do not flick the switch while the system and card are powered up.
Changing of the switch must be done with the system off.
A dual bios is also handy in the case of a bad bios firmware update to the card. If it is the wrong bios image for the card or anything happens during a flash of the bios like a power cut and it does not complete for example it will brick the card.
But with two bios chips if anything goes wrong it`s a...