A conversation about this trophy came up awhile back and I remember somebody suggested that the reason the tournament gave out such an ugly trophy is because the player winning it wouldn't want such a nasty thing and would not wanna take it home with them... therefore, saving the tournament some money! lol!!!
I guess it could be used to deter burglars. Either throw it at them or leave it out in plain site and they'll be standing there scratching their heads trying to figure out what it is, thus giving you time to call the cops. However probably the cops and the burglar would engage in a discussion about what that thing is.