It is a tow hook, but targeted at a track day car. Just a little extra help for if something bad happens while the owner is playing at the local racetrack.
As Swalter pointed out its an aftermarket product usually seen when the car is tricked out. I have often wondered what gofast function it has, but now I know.
To add to this, if your car breaks down a track, they typically want to get your car out of the way ASAP. This may involve doing a lot of damage to your car if there isn't a convenient tow hook.
Not sure how it works on the track, but I do a lot with Rally racing, and tow hooks are mandatory equipment, usually with large arrows painted on the bumper pointing at them. Many people seem to put cosmetic ones on their cars to try to look like a race car though, same demographic that puts advertising from "sponsors" who aren't paying them, loud exhausts that don't help performance, etc. The one pictured by the OP... I wouldn't trust that to actually be strong enough to pull from... I'd probably pull from the frame instead.