For luck, I'm assuming?

Or maybe to keep birds off of the equipment? Kind of like how people put those fake owls on their roofs so pigeons stop pooping on them.

Aah one'a those bait traps fer male coyotes... a'course ya have ta wait awhile b'fore ya can pull them off'a one once ya've caught one... ;)

Maybe related to the brand name

1. To keep birds off the overhead rigging? Might cut down on cleaning.
2. Strange coyote scares off the pack that's been visiting their storage yard at night?
3. Strange coyote scares off the rats/raccoons/opossums/skunk/octopus (hey, it could happen) that's been visiting their storage yard at night?
4. In the dark it looks like a guard dog and keeps vandals away?
5. It kept peeing on the transformers and the old gangster movies talked about 'giving someone a good shellac'ing' so they gave it try. Now they display the hardened criminal as a warning to the others.