Sculpt your arms with the Rocit Tricep Strap by Bells of Steel 

It is! Hopefully will be released by fall

I'm thinking that because something like this is versatile, it would probably be to accommodate grips that you would want a wider arm position. Maybe like a high pull on a cable machine where you want you arms in a scarecrow position or even using it for something like kneeling squats. Just my guess.

As the commenter below suggested, it's just to give a different arm position/length