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It looks like it is a roller bar, the hook is a plastic/rubber uni joint shaped device that has the ability to spin. This means that as you move back and forth the hook moves freely and doesn't wear your harness lines.
They were popular years ago, but aren't super strong. With the harness, seems like a good deal to me. It wont be super comfy, and probably won't last forever either, but if you are after entry level it should do the job.
Oh and yes, foot straps usually run around $20ea. There is a fair bit to them when you think about it, and compared to some other things you might spend $20 on, they aren't really that expensive.
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