The intent is to use it as a just-in-time light modifier when working an event. It allows you to have an umbrella, a fairly large umbrella for that matter, on hand if needed and not getting in the way if not.
I frequently use it with an Andoer S-Shaped Bowens Mount Speedlight Flash Bracket Handheld Grip Holder which does a great job of holding a speedlight securely and has a comfortable grip that allows me or a helper to get the light and umbrella positioned properly. And if I really want to pack light I use an even smaller mount, like this one .
That said, this is not a durable umbrella and shouldn't be considered for everyday use. However, if handled with reasonable care it can be with you for the times you need it and out of the way when you don't.