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That looks like an anti-friction tab, and nothing else, based on its placement. I would think that it's to prevent the snap from rubbing against your rig and wearing it out.
Where it's placed, that snap should be under the rig's webbing, which would create a high-friction area. It's not a locking strap, as it's got nothing to lock to (being under the webbing and all). It could be a detachment tab to make taking the pouches off easier.
I'd just stuff it under the webbing and call it a day (as you're supposed to thread it through the webbing on the rig and on the pouch alternately).
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