Was it intended to be used by cyclists? I don't see any indication of that. I certainly wouldn't want to wear a heavy bracelet while cycling.

From what I gather, it exists because of air travel, or more correctly, because of the security theater that has turned us all into frightened little bunnies and made air travel just that much more unpleasant than it already was.

Honestly, it's a piece of jewelry and a novelty, and clearly was intended as such. I doubt anyone is buying one because they think it'll be more convenient or better than an actual leatherman. If it was more like $50 I'd probably buy one just because I like the look. I might use it occasionally but just for fun.