I am inclined to think that it was just _something_ to drape onto the character mannequin on the Character Sheet for those characters that still couldn't afford to buy Limb armor. Costs nothing, and provides no protection, but when equipped, at least you can see where the arms and legs go.
Still, the only other collectible item I've seen thus far that has zero value is the Boar's tusk -- but theoretically a tusk provides a tiny Luck bonus. (Whether or not it does, I couldn't say. But just to be on the safe side in case it _does_... )