Some parts of the circuit are usually more sensitive to power supply noise than others (especially high frequency noise), and some parts of the circuit may also inject different amounts and frequencies of noise into the power supply.
For example, on a microcontroller, the core and I/O will generally make a lot of noise by drawing pulsed current with all the processing and switching of I/O lines going on, while the ADC makes little noise but it is sensitive to power supply noise. So they have different power pins. Likewise for a sensor, these usually like a clean power supply (you can check PSRR vs frequency in the datasheet).
The usual way to solve this without resorting to one LDO per circuit block is to partition power into several local "islands", each with its own decoupling capacitors, and isolate them from each other at high frequency with ferrite beads. This puts a CLC filter in the way of noise from the aggressor to the victim.
So from the point of view of the sensitive circuit, it will filter the power supply, but it will also work the other way around: it will prevent the noisy circuit from polluting the whole board's power supply. It works both ways because the ferrite bead increases impedance at high frequency, which forms a current divider with the capacitors. HF current follows the path of least impedance, which is the closest capacitors to the load drawing that current, and hopefully this current will ignore the path of highest impedance, which is the ferrite bead. This prevents the noisy circuit from drawing power from the decoupling capacitors of the sensitive circuit, which would increase noise where you don't want it.
Another important feature is that when the noisy chip is forced to draw current only from its local decoupling capacitors, and not from other capacitors a bit further away, then return currents through your ground plane stay in a tight loop around the chip and its decoupling capacitor. This means the ferrite bead in the power supply rail of the noisy chip also makes the ground plane cleaner. That one is not obvious, but it is very useful.
Note that the 0 Ω resistor may mean they thought they might need a ferrite bead or a resistor to make a filter, but it didn't end up being necessary, so instead of redoing the board they substituted it with the cheaper 0 Ω resistor.
Ferrite beads, being inductors, will create resonances at low-ish frequencies with the decoupling caps. These can be damped with a resistor in series, or with a large value capacitance with some ESR, like the 33 µF capacitor.