Does any one know if this is some sort of grounding strap or is it a safety to hold the muffler up if the rubber splits?

The other side is tattered and broken. It looks like it was copper?? I lower the boat into salt water and can't always rinse right away. I am going to "jimmy rig" something up and not sure if it needs to be copper or just a safety chain?

Thanks

04, X5, 3.0

Attached Images