This placard was likely intended to be mounted to external velcro loop on a body armor vest like a PBPV [1]. This is similar to the panel made for tactical tailor MOLLE pouches.
Inside:
Elastic loops are likely for shotgun shells or glow sticks. The compartment could also be used to store documents.
Straps:
Pouch:
Sides:
Sides have been melted to prevent fraying.
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