By keeping Davis on IR, it allows the Rams to deal with other player losses while still keeping a healthy Davis in reserve.
For instance: if the Rams were to lose another CB, I can easily see Joyner being asked to play corner or more likely Nickle, and moving Robey-Coleman to CB. Then Davis would be taken off of IR and play FS, which he has done pretty well for a long time. And, he might be the 2nd fastest player on the team next to TA.
But what happens if we lose another valuable position? Say OLB? We'd be able to IR the OLB and then have an open space to bring in a replacement, probably from the PS.