I don’t think those usually have the split though. Sometimes they have perforations on the same side as the tag to be able to pull them off, but not like the picture shows.Looks like the disposable cap they put on the positive terminal of a new battery.
I don't think the LasDrop uses a lip seal? These types of protectors are specific for inserting shafts into lip seals (or vice versa) without inverting or tearing the seal lip.Post protectors are usually red and black. This is orange. Have no scale reference. I'll go along with seal protector, but my LasDrop was different.
It is definitely a protection for installing a new lip seal on a shaft. Can't tell what seal/shaft it would be, but that Volvo suggestion seems spot on. We had these with our Tides Marine rudder shaft bearings.
Mark