I'm liking the "pig fan" and am ready to join that yacht club, but if I can get $799 for it on ebay I'll patch the holes!
It can definitely function as a line hanger. Also, a life jacket hanger, a towel hanger, t-shirt hanger and even a bikini hanger for the mate. if it were on the other side, it would also be an extremely functional tripping hazard!. But, alas, since it is close to the rope clutches and halyard winch, at least the captain remembers to watch his step around it.
At least I don't feel too bad about not knowing what the heck it is. Since it stumped this bunch, its not surprising it stumped me!