Well I have lived in ice fishing country for almost 80 years and have never seen a device like this for drilling holes in ice.
I perceive a problem when this tool breaks through something like 2 feet of ice and doesn't clean the bottom of the hole. How in hell are you going to get the damned thing back out of the hole? The old timers had the foresight to run the flutes up far enough so one could keep it centered and remove the drill. You would spend more time removing the drill than you would spend fishing. Of course with the wooden cross handle one could let it sit on the ice while planning the next move.
My guess is post hole digger or anchor. If it was used for a canopy anchor one could drill down a foot or so and then place a pipe over it with a rope or cable coming up to tie down the canopy.
Ice augers have a sharp shaver. This device does not.