What is this thing for?

I received a tank from a friend of a friend, and it has an oblong shaped gravel vac. What really caught my eye was this plastic clip looking thing that I can't for the life of me figure out what it's used for. Does anyone happen to know what it's for?

I can only assume that the hose fits through it and you can close the plastic clip which pinches the hose, but it doesn't do it very well. Not to mention how much of an effort it is to open it back up.

Here is a picture:
 

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