She's a "safe" pick due to her range, allowing her to farm more safely and zone out adcs with low aa range. Her damage isn't the best, but she has tools to zone people out so she can farm (remember, laning is about the cs, not the kills). A combination of her traps and her Q poke her opponents and zone them out, and a good Caitlyn player will get more gold early and keep the enemy adc from reaching their powerspikes first (since her weakness is no hypercarry damage, this is a very bad thing).
I tend to pick her against low mobility, short range burst adcs (Graves, Vayne), but not against high mobility, dps/burst adcs (Ezreal, Corki).