It would help if the story told exactly where/how it was found. I can see where someone setting it out or using it might come forward saying they found it if he/they thought that someone had seen them in the water or coming out of the water with it. Convinced it was used to catch lures myself. Those clips being staggered would be perfect for attaching to opposite side of contraption once wrapped around a tree trunk, especially if there were a few limbs coming off lower down to keep it from sliding up.

I would even go so far as to speculate the guy has lost a ton of lures on his own special stump where he has caught some monsters before everyone else's hung up baits made the spot unfishable.

Defenitly a set of car snow chains. Don't know what they could have been using it for.

I don't see there being many trees in that lake. I could be wrong.

Cut the cheaters a little slack. There are only four rings on there. Meaning they are going to at least try and catch one of the five limit fish.

....or the clips are to hold bungee cords to keep tire chains tight.

Lol. Maybe the kicker pulled one off. . .

Another possibility is a device for others to snag those high dollar swim baits in so he could come back later and collect them. I have seen this done a few times around peoples docks. Sink a few feet of chicken wire, discourages fishing and they get free lures.

Anchored, a swimbait snagger?

Could hold thousands of $$$ of SBs per weekend.