It is a resistance band. You can mimic curls, overhead press, etc with them or make bodyweight exercises like pushups more difficult but the tension is probably too low to get significant results. They're not very popular here compared to free weights but they are useful when traveling somewhere without a gym.
If you decide to use bands I would recommend getting a set that has multiple cables you can progress through and stack together as you will outgrow a single band rather quickly, a cheap starter set is $10-20. Don't overextend the band or use it if there is any tearing or dry rot, it can snap the cable and cause serious injury.
I use the bands that have the stirrup on each end for rotator cuff internal and external rotations, I have it looped to a structural pillar in my basement. Bands are really good for strengthening those muscles.
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