The tip is obviously replaceable and resembles a thread cutting tool for a lathe in profile. The shank and tapered tip reminds me of the taper-shanked wrenches used in steel-frame construction and other applications where the shank was used to align the holes preparatory to bolting through.
Could be this tool was intended to be used for for scraping out threads on bolts as part of that process to remove burrs on the threads which might interfere with hand threading-on of nuts; and of course dirt, grit etc. which might also.