I don't know if there are other uses, but it is a tool that Phoenix USA (wheel cover manufacturer) supplies with their "bolt-on" wheel covers.
I recently ordered a set to replace the "push-on" wheel covers that were factory installed on my 2019 unit. After losing the second front wheel cover in transit, I decided to switch to the bolt-on units to eliminate that problem. That tool was supplied with the set to tighten the two "lug nut" type fasteners that secure the wheel cover. It's a very lightweight tool--only suitable for hand-tightening the two clamp nuts.
Mike