That is a rudimentary tow hook. It can be screwed into the hole in the front bumper (covered by a plastic plate, just above the passenger side bumper "guard") or the rear bumper (driver side, just below the Subaru name - above the black trim).
This is in case you get stuck off the road and somebody with a winch or tow-strap can hook up to you and pull you out of the ditch.
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