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It's for hooking your line to when it is not tied to anything. I think it was put there mainly for storing your spare spools filled with line.
It is a line clip that holds your line when not threaded through your rod. . Take tag end of line, slide it down the little clip. holds it till you want to use it and keeps it from un-spooling.
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Hmmm.. that makes sense.. I thought it might be some kind of a depth gauge....lol..
I use mine for when I don't have a swivel or a setup on and I'm traveling with my stuff I will hook my line on there so I don't have to use tape
