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Look at the differences between the holes in that one. If a projectile, why would each hole be of a different, but precise, size? One hole might be larger to put something inside it, but other than that largest hole, look at the distances between the inner and middle rings.

My guess is that it is a military projectile launched by sling short or catapult. The different sized holes would create a "whiffle-ball effect," which would make avoidance more difficult. The knobs would cause the projectile to take a crazy bounce upon impact to the ground, which would also make avoidance more difficult. (My young grandchildren have a "crazy ball" -- a rubber ball with spikes that cause the ball to bounce in random directions.)