I did not discover anything special about it actually aside I guess from it paying tribute to kink of being bottom or bdsm. Tried to wear it and all the other cursed items I could find at once but that didn't do much either.
Grab it for the sake of having it and remove it should you want to with anti-curse scroll. You can always go back to the outpost and if you passed guy will offer it to you again infinite amount of times.
I think it's an interesting concept but was added in like v02.01.0 build and kinda neglected since then. Can only hope and see if it updates further in the future.