These are high-quality adjustable lanyards/straps. The primary function is to replace the original Oculus Quest Gen 3 Controller lanyard.
Other uses: With the removable resin nylon cylinder parts removed, they can be used on a variety of devices.
Often, this lanyard can be threaded onto a phone case to keep the $900 battery from being dropped, dropped, or flushed down the toilet. (Cold fact: Electronic equipment insurer Square Trade reveals that the most common damage claim submitted by insureds is ...... (TOILET DROPS!)
Another use for lanyards is to protect you from the grasp and flush of criminals. In determining the range of victims, thieves check to see which phones they can quickly and easily snatch and then quickly flee, for example, by getting off at a station. (They use the technique: they check to see who is using the expensive phone. Then they wait until the bus arrives at the station. When the doors open, they sprint, grab, and then escape out the open doors and to safety.
With a lanyard like this, thieves don't bother. They will move their eyes to the wrist of the person whose phone is not connected.
Third use: You can attach this lanyard to your dog's retractable leash with a plastic tie. Then tie the lanyard around your wrist as an extra measure of protection if you lose your grip on the leash handle.