Its main function is to help the spearfisher release (un-stick) the spear shaft of his weapon when it has become stuck, usually inside rocks, after a shot.
The name "Tahitian" indicates that it is designed to fit and slide over Tahitian-type shafts (those with the feather or feathers at the tip), allowing the diver to apply strong, controlled force to pull it out, reducing the risk of bending the shaft or getting injured.