What is it used for?

As Rusty said..."bearing scraper" there are more listed as bearing scrapers. "Well blow me down!" I have a vintage bearing scraper, but now the question is...What kind of bearings do you scrape with the tool? Rusty???
Big bronze and babbit plain bearing that are used in large machinery and engines. Same design as your cam and main bearing in your car, just bigger. I have a couple scraper like that from my Dad. He was a machinist and used to rebuild 6" and up bearing for punch press cranks. It is amazing the precision that can be attained with simple hand tools like this. I taught myself to scrape in order to rebuild lathes and mills. The straight-edge I scraped in checked out to be straight to 0.0002" over 12". That's two-tenths of a thousandth. A bit of beginners luck, but an experienced hand can whip that level of work out in very short order. A dying art.