I always thought of a small fancy thing a rich dude would carry.
He had a pretty piece of functional jewelry in his pocket.
And, being small and pretty,
It won't offend.
Except the TSA.
I agree with you one this one. To me it is a piece of jewelry that you can clean your fingernails with or maybe open an envelope.
In my suit and tie days in the skyscrapers of Dallas, it was generally frowned on to whip out a 4 or 5 inch knife during meetings.