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Had one in front of me. Pried it off a bit and you can see it butts up against the machined section on the spindle, it's made of steel and too far away from the bearings to be of any use as a seal or dust cover. They're there to stop you installing the crank too far on, you may not need it if you reach installation torque before they contact but if you don't it'll stop them going on too far. Most BBs don't have them and I've always thought they're a bit weird.
It is. Most BBs don't have them, and even then only in done lengths, but it's meant to be there.