What is the significance of this move? We could speculate from a couple of different angles. First, if you recall, Bogotay was in a competition last offseason with veteran Shayne Graham, and many felt that Bogotay might win the kicking job. Instead, he landed on injured reserve (probably just an excuse to stash him for the year), Graham was waived, and Billy Cundiff was signed to the roster just before Week 1. This past offseason, the team re-signed Cundiff to a one-year deal that is basically worth the veteran minimum.
It would seem to make sense to keep Bogotay as another "camp leg," or even somebody who could compete with Cundiff during the offseason programs. By parting ways with him now, it could be an indication that the team has their eyes on a kicker in the draft, or a projected undrafted free agent following the draft. It would seem to be unprecedented for a team to carry three kickers, so getting rid of Bogotay now clears the way for that possibility.