The namespace is a high-level unit of organization within .NET.
Declaring types within classes is usually underestimated (but, as in all cases, this is not a 100% rule), since it can make types more closely related and more difficult to find.
VB.NET modules are a bit of an exception (editing: they are really more of a compiler / syntax sugar trick), but usually everything in the .NET ecosystem is contained in a namespace.
Your example allows reuse; if it were in a class, it would mean that the delegate should be used only by this class and would likely result in duplicate delegates being uselessly introduced.
Update. When working with multiple instances of the namespace, the space is not very useful, but without them, a project of any size would be an organizational disaster. Imagine a .NET platform without namespaces; one (possibly outdated) account puts a structure in 3500 types.
Namespaces are like folders or drawers for documents; A few bulk papers are easy to manage, but if you have many pages, then finding the one you need becomes painful.
Give the documentation read, short and not very complicated (no namespace), but has a couple of decent MSDN points - namespace (C #)
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