well that's a great question!
as since this isn't a legit sog product
any feature/fixture eould be anyone's
guess.
my 2 cents is that the sheath was
manufactured by some luggage
factory or something.
so whilst it may appear to look
functional, might be no more than
embelishments for the sake of styling.
so since those feature are there,
may i suggest you put some good use
to it.
the elastic band has its bottom edge
stiched and its top open.
so technically, it could serve as a pouch.
the only thing is the stored object should
sit well within the given height of the band.
as the elastic serves as a retention flap.
(well, until such time the elasticity wears off.)
so you could store a couple of band aids
as these aren't expensive to loose besides
having a highly probable emergency
use for them.
you could also instead choose to store
a coil of snare wire,
or perhaps sneek in aseal challenge coin
if you have one
but ideally, it would be a great set up
for a key compass to fit in there.
and since the sheath has a d-ring,
why not secure a lanyard to it
and thus loop the compass secure?
https://www.brunton.com/collections...products/9040-key-compass?variant=10939044421
i hope these suggestions
may be of some practical use.