Pure bling and a threat to paintwork. Your bonnet will not fly up if fastened correctly. This may not have been the case 70 years ago however.
I thought bonnet straps originated because there had/has to be a secondary method of locking the bonnet shut in racing.
The idea was that if you had a crash (which is still possible even in everyday driving) then you didnt get decapitated by a detached bonnet. Well thats what I tell people who ask anyway.
I havent had a scratched paintwork problem even without PPF. Maybe my car is too clean and I dont get dirt under the bonnet strap.