Is it a Schwinn? If so it was for their patented [axle retention clips](https://sheldonbrown.com/skewers.html) (scroll down to “Schwinn Clips”), which allowed for a wheel with a loose quick release to still be held in without “lawyer lips” that interfered with quick release operation.
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Fender
Is it a Schwinn? If so it was for their patented [axle retention clips](https://sheldonbrown.com/skewers.html) (scroll down to “Schwinn Clips”), which allowed for a wheel with a loose quick release to still be held in without “lawyer lips” that interfered with quick release operation.
https://preview.redd.it/7vc8vjvwhawc1.jpeg?width=1269&format=pjpg&auto=webp&s=3aa2bcabf5c06225162639149ffca06b1fa8dd84
Wheel retention clips that look like this from my mid-80s schwinn Mountain bike