Hmmm, I'd been informed that it is for splicing ropes.
I wonder why archaic and obsolete things like an Horse Hoof Pick or Rope Splicing Fid would be included when things currently absent like a Bottle Opener, Phillips #1 Screwdriver, Molex Pin Extractor, Laser Pointer, Lockpick, or Brass Knuckles would probably be far more useful pocket tools for the average man in the modern age. Then again, it's still a Really Useful Pointy Thing. And a special tool for removing those offensively smarmy little boy scouts from horses (or really anyplace else you don't want them to be) can certainly be handy at times. With proper skill, it could even be used to remove girl scouts, jehovah's witnesses, and other vermin who dare to sully your property.