That is just there for shipping and handling. The ends have tendency to get bent and mangled prior to purchase (and when not in use in the shop or around the house; being stepped on all the time).
"If you keep hitting your head against the wall you will eventually put a hole in the wall or your head"
Thats an excellent idea, but a pity it was not thought through properly. Why didnt they add an eyelet onto it with a short retainer cord so it can be kept as part of the cord as a cover when not in use.