I think the benefit and reason for the design is that it doesn't stick out so far without the tongue fitted and provides a flat surface for shins. However my preference by far is the D4 hitch with safety chains attached to the recovery hook.
Edit: The towbar cover is not intact - it has a neat cut-out. The additional metal at the pin hole suggests that it may have a bracket to the tow hook. The lack of thickness of the bottom plate also suggests that the tow hook must be utilised.

