Having sudo permissions on the docker binary allows for a wide range of attacks, including immediate on-host privileged code execution or manipulation of containers. Such permissions commonly allow for root access to running containers (or creating new ones) before pivoting to other attack vectors to compromise the host.
One such example is sudo permissions over:
(root) NOPASSWD: /usr/bin/docker exec *
This allows for root execution of any container with:
/usr/bin/docker exec -it container_name bash
Filesystem Mounts
A common way of privilege escalation out of a container and into the main host is through filesystem mounts. As root in a container, you may be able to mount filesystem devices inside the container's operating system. Your uid=0 privileges will carry over to the host filesystem, allowing you to edit /etc/passwd and /etc/shadow to quickly compromise the host machine.
Note that the block device /dev/sda1 is mounted as the root / on the host filesystem. If you're in a privileged container, you can simply mount the device within the container's filesystem to compromise the host:
SUID Carry-over
As a result of existing or created filesystem mounts, you are able to create files owned by root in the parent host. You can abuse this capability to create a SUID shell binary from a rooted container, and escalate privileges in the parent host: