What is this??

It's used to bond the raceway so it doesn't act as a choke (I think that's the term) during lightning strikes.
Inductor is the technical term. Choke is the trade slang.

The issue is that ferrous steel conduits add significantly to the inductance of the wire, when the current induced in it, can't flow out of it. As a result, it's required to install direct connection of the wire to it on both ends, when the wire in question is the GEC. Lightning pulses at high frequencies mean extremely high impedance and eddy current heating when there's an inductive section of the path, like a ferrous steel conduit.
 
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