x2 on the kit bag handle.
The straight portion goes through the metal eyelets instead of the rope.
Hole in the end is to accept a small padlock.
As others have pointed out it is for locking a canvas kit bag up through the eyelets on its open end. There is nothing missing and it is all complete as depicted in the pic.Sorry, doesn't look "military" enough for that.
Grizz
Holes at the end are for the pad lock. Interesting example. Though it could be for a mail bag, briefcase and so on.