John Kellogg (think that was his name) believed that foods like meats were bad and promoted the urge to masturbate. So he created a bland food because he thought it got rid of excitement and removed the urge. Apparently.
He also suggested having a silver wire inserted inside the male reproductive organ so that erections weren't possible and instead caused irritation and he believed that applying acid to certain parts of female reproductive organs would also prevent masturbation.
TL;DR some whackjob created a bland cereal because he believed it would prevent masturbation. He also advocated the burning of certain parts of female reproductive organs and insertion of metal wires into reproductive organs of dudes. Because he was just that insane.
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Good things are made by bad people and bad things are made by good people Such is life