I just saw a movie where the entire brick building was covered with something similar and I figured it was just for decoration. Of course I had to google it after your comment about the chimneys.
I couldn’t figure out how to copy the link, but the following came up on my search. Looks like an interesting college thesis:
Ties That Bind: The Emergence of Iron Tie Rod. Reinforcement in Load Bearing Masonry Buildings of Charleston, S.C.. Jamie Lynn Wiedman. Clemson University